Ripple's new stablecoin, RLUSD, has gained crucial approval from Dubai's financial regulator, the Dubai Financial Services Authority (DFSA). This endorsement means RLUSD can now operate within the Dubai International Financial Centre (DIFC), further solidifying Dubai's ambition to be a leader in the digital finance sector. While the regulatory environment remains tight in regions like the US and Europe, the UAE is embracing blockchain innovations, offering support for new financial services.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, commented on the approval, stating, "This isn’t just about another stablecoin getting approved. It’s a sign of where the market’s heading — and Dubai wants to be at the centre of it. We built RLUSD for transparency and reliability, and this is an important step for our expansion in the region." The approval comes at a time when stablecoin adoption has surged in the UAE, with a reported 55% increase over the past year as businesses seek faster financial transactions.
In tandem with this news, XRP has seen a 2% rise over the last 24 hours, currently trading at $2.20. Following a period of trading below $2.15, XRP is showing signs of bullish momentum. Analysts suggest that reclaiming the $2.23 mark would indicate a bullish reversal. The positive developments surrounding RLUSD approval are anticipated to further influence XRP's price trajectory, although it has fluctuated between $2 and $2.50 in recent months.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, commented on the approval, stating, "This isn’t just about another stablecoin getting approved. It’s a sign of where the market’s heading — and Dubai wants to be at the centre of it. We built RLUSD for transparency and reliability, and this is an important step for our expansion in the region." The approval comes at a time when stablecoin adoption has surged in the UAE, with a reported 55% increase over the past year as businesses seek faster financial transactions.
In tandem with this news, XRP has seen a 2% rise over the last 24 hours, currently trading at $2.20. Following a period of trading below $2.15, XRP is showing signs of bullish momentum. Analysts suggest that reclaiming the $2.23 mark would indicate a bullish reversal. The positive developments surrounding RLUSD approval are anticipated to further influence XRP's price trajectory, although it has fluctuated between $2 and $2.50 in recent months.
