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

Referenced by

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.

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.

Dubai FSA approves Ripple’s RLUSD stablecoin