Ripple’s RLUSD stablecoin approved by Dubai regulator for use in city’s financial hub

Ripple’s U.S. dollar-pegged stablecoin, RLUSD, has been approved by the Dubai Financial Services Authority as a payment rail within the Dubai International Financial Centre, expanding the company’s footprint in the Middle East, according to a Tuesday statement .

The green light from the DFSA allows RLUSD to be integrated into Ripple’s DFSA-licensed payment platform. Additionally, the move is expected to enable about 7,000 DIFC-based firms to utilize Ripple's stablecoin for cross-border settlements and cryptocurrency services. Ripple previously secured a license to service clients in the UAE’s $40 billion international payments market .

Jack McDonald, Ripple’s senior vice president of stablecoins, said the approval reaffirms the firm’s commitment to advancing Dubai’s digital financial infrastructure. The company has noted a rise in institutional demand for cryptocurrency payment and custody services in the region, according to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.

To capture a share of this market, Ripple has partnered with local entities like digital bank Zand and fintech platform Mamo, which are expected to be early adopters of its regulated payment services. Additionally, Ripple is collaborating with infrastructure provider Ctrl Alt and the Dubai Land Department to tokenize real estate title deeds on the XRP Ledger.

Ripple launched RLUSD in December 2024 , backed 1:1 by U.S. dollar reserves and approved by the New York Department of Financial Services. The token initially debuted on services such as Uphold before rolling out to platforms like Kraken . RLUSD has a $310 million market cap and joined a $250 billion stablecoin market dominated by Tether’s USDT and Circle’s USDC.