Ripple‘s RLUSD Stablecoin Receives Regulatory approval in Abu Dhabi
Ripple’s USD-backed stablecoin, RLUSD, has gained approval from teh Financial Services regulatory Authority (FSRA) in Abu Dhabi, expanding its global regulatory reach, according to a press release. This approval, alongside existing authorization from the New York Department of Financial Services (NYDFS), positions RLUSD for broader adoption in cross-border payments and institutional use cases.
RLUSD is issued under an NYDFS Limited Purpose Trust Company Charter and has achieved a market capitalization exceeding $1.2 billion. The stablecoin is integrated into Ripple’s cross-border payment solution, Ripple Payments, offering enhanced speed and efficiency for global transactions. This latest approval builds on Ripple’s recent $500 million investment and a company valuation of $40 billion, secured Nov. 5, fueled by growing demand for its stablecoin solutions.
“This momentum is helping drive the next wave of secure, compliant digital asset adoption around the world,” said Jack McDonald, senior vice president of stablecoins at Ripple, in the release.
Ripple initially integrated RLUSD into Ripple Payments in April, highlighting its built-in global enterprise utility for applications like treasury payments and collateral.The company continues to see increasing institutional adoption of RLUSD.
