Ripple USD Receives Approval as Recognized Crypto Token in Dubai
The Dubai Financial Services Authority (DFSA) has recognized Ripple USD (RLUSD) as a legitimate crypto token. This stablecoin can be used as a payment tool within the Dubai International Financial Centre (DIFC), which follows global standards and regulations for financial activities.
Key points:
- RLUSD approval enables Ripple to integrate it into DFSA-licensed payment solutions.
- This supports Dubai's vision of becoming a global hub for digital assets.
- DFSA's recognition may encourage other jurisdictions to adopt similar measures.
About RLUSD
- RLUSD features a regulation-first approach with 1:1 backing by the US dollar.
- Launched on December 17, 2024, it has a market cap exceeding $300 million.
- Listed on exchanges such as Bitget, Gemini, Kraken, and Bitstamp.
- Over 2,800 holders, with 92% of assets in whale addresses.
Ripple partnered with Revolut and Zero Hash to enhance RLUSD access and compete with established stablecoins like USDT and USDC.