Ripple made headlines today (June 3) with a significant development involving its stablecoin, RLUSD. This follows recent momentum after Bitget added trading services for RLUSD, joining several prominent crypto exchanges that have embraced the stablecoin in recent months.
Dubai Gives the Green Light
Ripple’s stablecoin RLUSD has been officially recognized as a crypto token by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Center (DIFC).
According to Ripple’s announcement, this approval reinforces RLUSD’s status as a trusted, enterprise-grade stablecoin designed with regulatory compliance, utility, and transparency at its core. Jack McDonald, Ripple’s Senior Vice President of Stablecoins, emphasized that this regulatory endorsement showcases their commitment to creating a stablecoin meeting the highest standards of trust and utility.
The Dubai regulator’s approval allows DFSA-licensed entities operating within the DIFC to integrate RLUSD into their financial services. This is a major step forward for Ripple’s expansion in the Middle East and beyond.
The DIFC is a strategic financial hub serving the Middle East, Africa, and South Asia (MEASA) region, offering benefits like 0% corporate tax on qualifying income and unrestricted capital repatriation, making it an attractive base for crypto innovation.
RLUSD’s Journey So Far
Launched in December last year and pegged 1:1 to the US dollar, RLUSD initially gained support from exchanges like Uphold, Bitso, Moonpay, and Bitstamp. More recently, major platforms such as Gemini, Kraken, and Bitget have also listed RLUSD trading pairs.
Despite growing adoption, RLUSD remains a minor player in the stablecoin market with a market cap near $310 million—just 0.12% of the $250 billion stablecoin sector.
Ripple’s Ambitions and Challenges
Ripple reportedly aimed to boost its stablecoin footprint by attempting to acquire Circle, the company behind USDC, for over $10 billion. However, Circle denied the rumors, confirming it is not for sale and plans to go public via an IPO in the U.S.
