Dubai is a big believer in the future of stablecoins. And now, they’re allowing Ripple launch RLUSD for cross border payments for companies.
What’s happening:
- Ripple’s US dollar backed stablecoin known as RLUSD has officially received regulatory approval from the Dubai Financial Services Authority for use within the Dubai International Finance Centre
Why it matters:
- The Dubai International Finance Centre is one of the largest financial free zones in the world in which companies are able to benefit from zero taxation and no restrictions on foreign ownership of businesses
Going deeper:
- Ripple’s RLUSD will now be available to be used as a payment option for approximately 7,000 different companies based in the Dubai International Finance Centre
- Ripple has been aggressively making moves to expand their digital asset operations lately, including their highly notable $1.25B USD purchase of prime brokerage company Hidden Road
