Ripple RLUSD stablecoin accepted in UAE ADGM

Ripple, has announced that its USD-backed stablecoin Ripple USD (RLUSD) has been recognized as an Accepted Fiat-Referenced Token by Abu Dhabi’s Financial Services Regulatory Authority (FSRA), enabling use within the ADGM in the UAE.

As per the press release, RLUSD is now eligible for use by Authorized Persons licensed by the FSRA to carry out applicable Regulated Activities, provided that they satisfy and maintain compliance with firm-level regulatory obligations relevant to the use of Fiat-Referenced Tokens.
Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated, “The FSRA’s recognition of RLUSD as a Fiat-Referenced Token reinforces our commitment to regulatory compliance and trust – two non-negotiables when it comes to institutional finance. With a market capitalization of over $1 billion and growing adoption in core financial uses like collateral and payments, RLUSD is quickly becoming a go-to USD stablecoin for major institutions.”
“The UAE continues to set a global benchmark for digital asset regulation and innovation,” said Reece Merrick, Managing Director, Middle East and Africa at Ripple. “ADGM is recognized globally for its robust and forward-thinking regulatory leadership, so this approval reinforces RLUSD as a compliant stablecoin that meets the highest standards of trust, transparency, and utility.”

ADGM Chief Market Development Officer, Arvinf Ramamurthy congratulated Ripple on the milestone noting that ADGM looks forward to seeing Ripple make use of ADGM regulatory framework.

With the license RRLUSD will be utilized for enterprise use cases including the integration of its cross border payment solution that allows seamless on and off ramps into the crypto ecosystem, while supporting capital markets via Ripple Prime.

In June of this year, RLUSD stablecoin was approved as a recognized crypto token by the Dubai Financial Services Authority (DFSA) for use within the Dubai International Financial Centre (DIFC).