Dubai’s financial watchdog has approved Ripple’s dollar-pegged stablecoin, RLUSD. The Dubai Financial Services Authority (DFSA) has authorized RLUSD for integration into Ripple’s licensed payments platform. Companies operating within the Dubai International Financial Centre (DIFC) can now use the stablecoin for various virtual asset services, including payments and treasury management.

The DIFC is a free economic zone and financial district that serves businesses across the Middle East, Africa, and South Asia. More than 7,000 companies are active within this financial hub.

RLUSD, which launched in December, is promoted as a highly regulated, enterprise-grade stablecoin product. Just before its official launch, the stablecoin received approval from the New York State Department of Financial Services (NYDFS). Earlier in March, Ripple secured full regulatory approval from the DFSA to offer blockchain-powered payment solutions, a step towards tapping into the UAE’s $40 billion international payments market.

Jack McDonald, Ripple’s Senior Vice President of Stablecoins, stated that the DFSA’s approval demonstrates Ripple’s commitment to developing a stablecoin that meets strict standards of trust, transparency, and utility. He indicated that RLUSD, with its regulation-first design and enterprise-grade features, is positioned to drive institutional adoption of blockchain technology worldwide, starting with cross-border payments.

The DFSA approval comes as part of Ripple’s efforts to expand its operations in the crypto-friendly UAE. The company has formed collaborations with local players, including digital bank Zand and fintech platform Mamo, which are set to be early adopters of its regulated payment services. Additionally, Ripple has partnered with infrastructure provider Ctrl Alt to support the Dubai Land Department’s Real Estate Tokenization Project, where real estate title deeds will be tokenized on the XRP Ledger.

With the recent DFSA nod, Ripple continues to strengthen its position in the blockchain-based payments arena, even as its long-running legal dispute with the U.S. Securities and Exchange Commission faces challenges./

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