In a blog post today, the renowned enterprise blockchain and crypto solution provider, Ripple has confirmed the adoption of its stablecoin, RLUSD as the official cryptocurrency token recognized by the Dubai Financial Services Authority (DFSA). As revealed, the stablecoin was approved for use within the Dubai International Financial Centre (DFIC).
According to Ripple, the approval of its stablecoin by the regulator solidifies its position as a trusted, enterprise-grade stablecoin, built in accordance with regulatory standards. Designed to meet the needs of both regulators and institutional users, the stablecoin also embeds utility and transparency as its code value.
The approval opens up exciting possibilities for the stablecoin integration within the DFSA-licensed flagship payment solution. This integration also combines the stability of a trusted digital dollar with a scalable, blockchain-based infrastructure and Ripple’s extensive global payout network.
Unlike other stablecoins, the RLUSD is designed to provide global enterprise utility, including improving the speed, cost, and efficiency of cross-border payments. Meanwhile, the approval also paves the way for other firms licensed under the DFSA to integrate RLUSD into their virtual asset services.
The senior vice president of stablecoins at the firm, Jack McDonald while reacting to the news confirmed the firm’s commitment to meeting the highest standard of trust, utility, and transparency. McDonald also revealed RLUSD unique positioning aimed at driving institutional use of blockchain technology across global markets.
Similar, the firm’s Managing Director at Middle East and Africa, Reece Merrick has also reacted to the development. Merrick noted that the UAE has continued to set the standard for forward-thinking digital asset regulation and innovation. He also highlighted the significance of the DFSA approval for Ripple’s operation in the region. The director also revealed Ripple’s excitement to work together with other regional partners, customers, and regulators.
Ripple secures DFSA license
Recall that in March, the Dubai Financial Services Authority (DFSA) granted Ripple a license to provide regulated cryptocurrency services in the Dubai International Finance Centre (DIFC). This license marks Ripple’s first in the Middle East and makes it the first blockchain-enabled payment provider to obtain a DFSA license.
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