Ripple’s RLUSD Stablecoin Approved for Institutional Use in Abu Dhabi
- Ripple USD (RLUSD) has been recognized as an Accepted Fiat-Referenced Token by the Financial Services Regulatory Authority in Abu Dhabi.
- The approval allows regulated firms to use RLUSD within the Abu Dhabi Global Market (ADGM), an international financial center.
- RLUSD has a market capitalization exceeding $1 billion and is increasingly adopted for payments and collateral.
- Companies using RLUSD must comply with reserve management and disclosure obligations related to fiat-referenced tokens.
- In June, the Dubai Financial Services Authority also approved RLUSD for use in the Dubai International Financial Centre (DIFC).
This regulatory approval marks a significant step for Ripple as it expands its digital asset services in the UAE, enhancing its presence in both ADGM and DIFC. The stablecoin’s backing by cash equivalents ensures compliance with local regulations while facilitating major financial operations.
With over $1 billion in market capitalization, Ripple’s RLUSD stablecoin is positioned as a key player for institutions operating within Abu Dhabi’s financial landscape. (Source)
