DFSA approval enables use of RLUSD in virtual asset services and real estate tokenisation
Ripple’s RLUSD stablecoin has received official approval from the Dubai Financial Services Authority (DFSA), paving the way for its use across the Dubai International Financial Centre (DIFC). The move strengthens Ripple’s growing presence in the Middle East and enhances Dubai’s ambitions to become a global leader in blockchain and digital assets.
DIFC Firms Cleared to Use RLUSD
Following the DFSA’s greenlight, companies operating within the DIFC can now utilise Ripple’s RLUSD stablecoin for a variety of virtual asset services, including payments, treasury management, and digital asset custody. The DIFC, a free economic zone catering to firms across the Middle East, Africa, and South Asia, had nearly 7,000 registered businesses at the close of 2024.
Under the DIFC’s crypto framework, only tokens officially recognised by the DFSA are permitted for use within the district’s regulated ecosystem. With RLUSD now among those approved, Ripple joins a select group of crypto players offering services in the region.
Boost to Real Estate Tokenisation Project
The approval also enables RLUSD to support the Dubai Land Department’s (DLD) initiative to digitise real estate through blockchain. The department began piloting a property tokenisation project in March, aimed at registering title deeds on the XRP Ledger. By leveraging RLUSD, the project will enable seamless and secure transactions, as Dubai continues to modernise its property sector through technology.
Ripple stated that RLUSD will be integrated into this initiative, further aligning with the emirate’s goal to drive innovation in property registration using decentralised technology.
Growing Interest from UAE Businesses
Ripple highlighted that interest in crypto and blockchain solutions is rapidly expanding in the UAE. Reece Merrick, Ripple’s managing director for the Middle East and Africa, noted the region’s vibrant digital economy and strong appetite for solutions like cross-border payments and digital asset custody.
“We’re seeing huge interest from businesses of all sizes for cross-border payments and digital asset custody solutions,” said Merrick. Ripple is already collaborating with local entities such as digital bank Zand and fintech firm Mamo, which are expected to be early adopters of the regulated services built around RLUSD.
Global Expansion and Regulatory Momentum
The DFSA’s approval of RLUSD follows Ripple’s broader licensing progress in the DIFC. On 13 March, the firm announced it had secured a full operational licence from the DFSA, solidifying its ability to provide regulated services in the region.
Globally, RLUSD is one of the few stablecoins approved under both the DFSA’s crypto token regime and the New York Department of Financial Services (NYDFS) Trust Company Charter. The NYDFS approved RLUSD on 10 December 2024, marking a major milestone in Ripple’s regulatory journey.
In addition to RLUSD, the DFSA has also recognised other stablecoins for use within DIFC, including USDC and EURC, both issued by Circle.
