Ripple’s dollar-backed stablecoin secures a major regulatory win as Abu Dhabi allows licensed firms to use RLUSD inside its international financial center.
Ripple’s dollar-pegged stablecoin was cleared for use by institutions in Abu Dhabi after winning recognition as an Accepted Fiat-Referenced Token by the local watchdog.
In a Thursday announcement, Ripple said the approval allows regulated firms to deploy Ripple USD (RLUSD) inside the Abu Dhabi Global Market’s (ADGM) financial zone, an international financial center and free zone located on Al Maryah and Al Reem Islands in Abu Dhabi.
“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,” said Jack McDonald, senior vice president of stablecoins at Ripple.
