Dubai Gives Ripple’s RLUSD the Green Light – But Does Anyone Care?

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TL;DR

  • Ripple made waves today (June 3) by unveiling its shiny new stablecoin, RLUSD. Groundbreaking stuff, right?
  • Just a few days after Bitget jumped on the bandwagon, joining a host of other crypto exchanges in embracing the coin. It’s like a VIP club now, only with more coins and fewer dress codes.

Ripple RLUSD image

Dubai Says ‘Yes’

Ripple’s RLUSD just got the thumbs-up from the Dubai Financial Services Authority (DFSA). It’s now a crypto token in the Dubai International Financial Center (DIFC). Who knew Dubai was into crypto, right? I thought they were more into shopping malls and artificial islands. 😆

“This approval reinforces RLUSD’s position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core,” said Ripple in its announcement. Translation: ‘We’ve got our paperwork in order.’

Jack McDonald, Senior Vice President of Stablecoins (yes, that’s a real job title), was ecstatic: “This approval proves we are serious about building a stablecoin that meets the highest standards of trust, transparency, and utility.” He sounds like the guy who would swear he only drinks artisanal water. 💧

“With regulation-first design and enterprise-grade features, RLUSD is uniquely positioned to drive institutional use of blockchain technology across global markets, starting with cross-border payments,” he added. Sounds fancy, doesn’t it?

Thanks to Dubai, other DFSA-licensed entities in the DIFC can now integrate RLUSD into their operations. You can almost hear the crypto experts high-fiving each other across time zones.

The DIFC is a special economic zone—basically, Dubai’s cool financial playground where taxes are nonexistent, and no one asks awkward questions about where the money came from. If you’re ever in the area, the 0% corporate tax rate might make you reconsider your life choices. 💼

Last August, Ripple decided to get a little more serious about world domination by partnering with the DIFC. A few months later, they received “in-principle approval” (aka permission to play) from the Dubai regulator. Looks like Ripple is settling in nicely. 🏙️

RLUSD’s Previous Achievements

RLUSD, pegged 1:1 to the US dollar (so, basically a dollar pretending to be a crypto star), was launched in December of last year. At first, exchanges like Uphold, Bitso, Moonpay, and Bitstamp were brave enough to offer it. A few months later, the cool kids—Gemini and Kraken—jumped in. And just last week, Bitget joined the party, listing RLUSD/USDT and RLUSD/USDC pairs. It’s like everyone’s invited, but no one’s really sure who the host is. 🎉

Despite all the hype, Ripple’s stablecoin still plays in the minor leagues with a market cap of just $310 million. This makes up a tiny, almost laughable, 0.12% of the $250 billion stablecoin market. But hey, it’s a start, right? 🎯

Ripple even tried to level up by attempting to buy Circle (the company behind USDC). They were reportedly willing to cough up over $10 billion. But alas, Circle shot them down, saying it wasn’t for sale. Apparently, they prefer to IPO. (Isn’t that the financial equivalent of saying ‘I’m just not that into you?’) 💔

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2025-06-03 14:33