Crypto technology firm, Ripple Labs, has announced that the Dubai Financial Services Authority has approved its stablecoin RLUSD. The approval legitimizes the use of the stablecoin for transactions within the Dubai International Financial Center (DIFC).
Also, approval reinforces the stablecoin’s position as a trusted, compliant, and institutional-grade stablecoin.
DFSA’s licenses allow cryptocurrency firms to offer digital asset services in the DIFC. With this approval, DIFC companies can transact with RLUSD in the free economic zone.
Ripple’s Senior Vice President of Stablecoins, Jack McDonald, stated that the DFSA’s approval of its native stablecoin is proof that the firm is willing to meet the highest standards of trust and compliance while building a utility asset.
