Thomas Daniels
The Dubai Financial Services Authority (DFSA) has officially approved Ripple’s RLUSD stablecoin for use within the Dubai International Financial Centre (DIFC), marking a pivotal step in expanding blockchain integration into traditional finance in the region.
With this approval, RLUSD can now be utilized by over 7,000 companies operating within the DIFC for various virtual asset services, including payments, treasury management, and other digital asset-based operations. RLUSD, a U.S. dollar-pegged stablecoin, is backed 1:1 by high-quality liquid assets and undergoes third-party audits to ensure full regulatory compliance and transparency.
The move also positions RLUSD as a key component in Dubai’s blockchain strategy. The stablecoin will support the Dubai Land Department’s initiative to tokenize real estate title deeds on the XRP Ledger, part of a broader plan to digitize up to $16 billion worth of property assets by 2033. This initiative is expected to enhance the efficiency and security of real estate transactions in the emirate.
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, highlighted growing institutional interest in crypto solutions, particularly for cross-border payments and digital asset custody. Local partners such as Zand Bank and fintech platform Mamo are anticipated to be early adopters of RLUSD, further integrating blockchain-based financial services across the UAE.
The DFSA’s recognition of RLUSD follows Ripple’s recent licensing under Dubai’s crypto regulatory framework and adds to its prior approval by the New York Department of Financial Services. RLUSD now joins a select group of globally regulated stablecoins, including USDC and EURC, authorized for use within the DIFC.
This development underscores Dubai’s ambition to position itself as a global leader in digital finance and reinforces Ripple’s strategic expansion in the Middle East.
