Ripple's flagship stablecoin approved for use in Dubai's key financial center

Key Takeaways

Ripple’s RLUSD stablecoin was approved by the DFSA for use in the DIFC.
Stablecoin adoption in the UAE is rapidly increasing, with strong interest from businesses for cross-border payments and digital asset solutions.

The Dubai Financial Services Authority, which oversees financial services within the Dubai International Financial Centre (DIFC), has officially accepted Ripple USD (RLUSD), Ripple’s flagship stablecoin, for use within the global financial hub.

With this recognition, RLUSD joins a select group of stablecoins that got regulatory legitimacy in both New York, under the New York Department of Financial Services (NYDFS) charter, and Dubai, the company said in a Tuesday announcement.

The approval enables Ripple to integrate RLUSD into its DFSA-licensed payments solution. In March, the company obtained permission from the DFSA to offer its crypto payments and services in Dubai’s financial hub — its first license in the Middle East.

Ripple’s approval in March opened the door to the UAE’s $40 billion cross-border payments market — a key opportunity to expand its footprint across the Middle East, Africa, and South Asia.

In addition, the latest green light from the DFSA enables nearly 7,000 DFSA-licensed firms operating in the DIFC to integrate RLUSD into their virtual asset services.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, said in a statement that RLUSD is a trusted and compliant stablecoin built for global business, and the DFSA’s approval validates that vision.

“With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments,” McDonald said.

Launched in late 2024, RLUSD has exceeded $310 million in market valuation, according to CoinGecko data.

The announcement comes as stablecoin adoption in the UAE has shown strong growth, with a 55% year-on-year increase in transactions during 2024. The region’s international trade market exceeds $400 billion.

“The UAE continues to set a global benchmark for forward-thinking digital asset regulation and innovation,” said Reece Merrick, Managing Director Middle East and Africa at Ripple. “The DFSA’s approval of RLUSD is yet another step forward for Ripple’s operations in the region, and we’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions.”

Ripple recently announced its first UAE customers for regulated blockchain-enabled payments, Zand Bank and Mamo. The company is also collaborating with Ctrl Alt on the Dubai Land Department’s Real Estate Tokenization Project, which will tokenize real estate title deeds on the XRP Ledger.