From now on, the use of RLUSD is allowed in the financial center of Abu Dhabi.
“This reinforces our effort with regulatory compliance,” they say from Ripple.
Ripple USD (RLUSD), a stablecoin issued by the Ripple company, has been authorized for use within the Abu Dhabi Global Market (ADGM) in the United Arab Emirates.
This approval of the Financial Services Regulatory Authority (FSRA) allows companies licensed within this financial jurisdiction to use the stablecoin for regulated activities, provided that they adhere to the regulatory obligations applicable to digital assets with parity to a fiat currencyas is the US dollar in the case of RLUSD.
This designation places the Ripple stablecoin within the restricted financial system of the ADGM. “The recognition of RLUSD by the FSRA reinforces our commitment to regulatory compliance and trust, two non-negotiable values in the institutional finance space,” said Jack McDonald, senior vice president of stablecoins at Ripple.
This way, The United Arab Emirates joins the expansion of the digital asset, which previously arrived in Japan after a memorandum of understanding between Ripple and the entity SBI Holdings, as reported by CriptoNoticias.
Launched in December 2024, RLUSD operates on the Ethereum and XRP Ledger networks. In market terms, RLUSD has a capitalization of 1 billion dollarslocating in the fifth position of the largest digital assets with stable value. However, its valuation remains considerably below market leaders such as Tether (USDT) and USD Coin (USDC), whose capitalizations amount to $184 billion and $76 billion, respectively.