Dubai, UAE – The Dubai Financial Services Authority (DFSA), the regulatory body overseeing the Dubai International Financial Centre (DIFC), has officially approved Ripple’s RLUSD stablecoin for use within its jurisdiction. The green light allows DIFC-based firms to incorporate the stablecoin into a range of virtual asset services, including payments and treasury operations.
The DIFC, a major financial hub serving markets across the Middle East, Africa, and South Asia, reported nearly 7,000 registered businesses by the end of 2024. Under its regulatory framework, only tokens recognized by the DFSA are permitted for use in the centre’s tightly regulated digital asset ecosystem.
Rising Demand for Crypto Solutions in the UAE
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, noted a surge in interest from UAE-based companies exploring digital asset applications.
“The UAE’s digital economy is vibrant and incredibly dynamic,” said Merrick. “We’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions.”
Ripple also announced ongoing collaborations with local fintech players, including Zand, a digital bank, and Mamo, a financial services platform—both poised to become early adopters of RLUSD-enabled services.
Supporting Real Estate Tokenization in Dubai
Ripple’s RLUSD is also playing a role in Dubai’s broader blockchain ambitions. The stablecoin will be integrated into the Dubai Land Department’s (DLD) real estate tokenization initiative, aimed at digitizing property title deeds on the XRP Ledger. The DLD launched the pilot phase of this initiative on March 19, seeking to streamline property registration using blockchain technology.
Regulatory Momentum for Ripple
The approval of RLUSD follows Ripple’s recent licensing success in Dubai. On March 13, the company received full operational authorization from the DFSA to conduct activities within the DIFC.
RLUSD is now one of the few stablecoins globally approved under both the DFSA’s crypto token framework and the New York Department of Financial Services (NYDFS) Trust Company Charter. The NYDFS granted its approval on December 10.
In addition to Ripple’s RLUSD, the DFSA has also recognized other major stablecoins, including Circle’s USDC, as part of its expanding list of compliant crypto assets.
With regulatory milestones achieved in both Dubai and New York, Ripple is rapidly cementing its presence in key global financial markets.
