CandleFocus Ripple’s managing director of ME Reece Merrick keen to launch RLUSD stablecoin in UAE
2024-10-22
Author: Content Editor
Ripple has received in-principle approval from the Dubai International Finance Centre (DIFC) to operate as a blockchain-enabled payment services provider in the UAE. The approval is seen as a significant step for Ripple's growth in the region and for the adoption of cryptocurrency payments, central bank digital currencies (CBDCs), and stablecoins. The UAE is a major market for remittances, and Ripple's presence in the Middle East has grown, with the region now representing 20% of its global customer base. Ripple plans to launch its stablecoin, RLUSD, in late 2024 and views the UAE as an important market for bridging traditional finance and crypto. The company is closely monitoring the regulatory landscape in the UAE and engaging with local authorities.
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