Anand Sinha
2 min read
Ripple's latest regulatory nod sends XRP on a rally originally appeared on TheStreet.
The Dubai Financial Services Authority (DFSA) has recognized the blockchain and crypto payments firm Ripple's RLUSD stablecoin as a crypto token for use within the Dubai International Financial Centre (DIFC), the firm announced on June 3.
The DFSA is the financial regulatory body that oversees DIFC, Dubai's special economic zone.
Introduced in December 2024, Ripple's RLUSD is a stablecoin, which is a type of cryptocurrency that, unlike usually volatile cryptocurrencies such as Bitcoin, maintains a stable value .
A stablecoin is usually pegged to a fiat currency like the U.S. dollar or a commodity like gold. RLUSD, for instance, is pegged to the USD, which means that for every RLUSD token, there is a corresponding amount of U.S. dollars held in reserves.
Ripple says its stablecoin, built for faster and cost-efficient cross-border payments, is primarily geared towards global institutions instead of retail customers.
Ripple's Senior Vice President of Stablecoins, Jack McDonald, said:
The DFSA’s approval of RLUSD is proof of our commitment to building a stablecoin that meets the highest standards of trust, transparency and utility.
The Dubai authority's nod allows Ripple to integrate its stablecoin into its DFSA-licensed payments solution. Other DFSA-licensed enterprises in Dubai's financial hub — nearly 7,000 firms at the end of 2024 — can also incorporate RLUSD into their crypto services.
Notably, Ripple had already secured DFSA's approval on 13 March to offer regulated crypto payment services in the DIFC.
The latest announcement sent XRP rising modestly from $2.18 to $2.22 at press time, as per Kraken's price feed. With a market cap of $130 billion, XRP is the fourth-largest cryptocurrency.
Ripple's latest regulatory nod sends XRP on a rally first appeared on TheStreet on Jun 3, 2025
This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared.
