Key takeaways
- San Francisco-based blockchain payment company Ripple plans to expand to the UAE, leveraging the region’s friendly digital asset regulations.
- Ripple hinted at a potential launch of a Dirham-backed stablecoin.
- XRP’s price remains stable amid rising speculation on the launch of Ripple’s USD-backed stablecoin RLUSD soon.
Ripple Expands To UAE, Sparking The Potential Launch Of A Dirham-Backed Stablecoin
In a recent blog post, blockchain payment firm Ripple revealed plans to expand to the United Arab Emirates (UAE). In the post, Ripple acknowledged that the UAE has set a favorable landscape for stablecoin growth.
The company highlighted the UAE’s progressive regulatory frameworks for digital assets as a fertile ground for blockchain innovation. It noted that the Central Bank of the UAE (CBUAE) has established regulatory standards that support stablecoins, including Dirham-backed ones.
Further, Ripple noted that the CBUAE’s regulatory approach introduces inclusivity, which spreads across non-dirham stablecoins. So, the bank allows the registration and use of non-AED stablecoins within some specified guidelines, especially for digital assets transactions.
The post also indicated the UAE’s commitment to establishing clarity in its regulatory structure. The country has repositioned itself as a prominent digital finance hub, with regulations ensuring that businesses and consumers can access secure and efficient digital asset payments using stablecoins.
In addition, Ripple emphasized its commitment to facilitating the growth of digital finance in the UAE. The blockchain firm has recorded significant advantages through the region’s favorable regulatory development.
Notably, the National Bank of Abu Dhabi was the first to introduce Ripple’s payment solutions in its operations. Moreover, Ripple stands among the pioneering blockchain companies with huge influence in the Middle East.
Ripple’s commitment to digital payments in the country reflects a potential dirham-backed stablecoin from the company. The blockchain firm recently bagged the approval of the Dubai Financial Services Authority (DFSA).
This makes Ripple the first blockchain payment firm to receive the DFSA’s license and reflects the company’s commitment to innovation and compliance.
The DFSA license enables Ripple to offer enterprise-grade virtual asset infrastructure in the country. Ripple’s expansion to the UAE further marks its strategic approach to deepening its cost-effective and faster cross-border payment services. Notably, the company boasts over 55 licenses worldwide.
XRP Price Remains Stable Amid Speculations Of RLUSD Launch Soon
Crypto investors eagerly await Ripple’s USD-backed stablecoin RLUSD launch, with growing speculations about its imminent debut. This anticipation grows as Donald Trump wins the US presidential race and the crypto market reflects a bullish trend.
Ripple recently moved a total of 294,000 RLUSD coins via multiple transactions. The largest movement involved $78,500 RLUSD from Ripple’s Treasury to an unidentified address. The funds were later shuffled between unknown wallets.
Similarly, other transfers include 68,500 and 58,500 RLUSD between different wallets.
These stablecoin transactions come following the conclusion of the RLUSD minting process in October. Moreover, the transactions suggest the last preparatory stage that could lead to the launch of the stablecoin.
Moreover, Ripple CEO has remained optimistic about the impact of Trump’s administration on the XRPL ecosystem.
Meanwhile, XRP’s price has indicated stability amid the expectation of an imminent launch of RLUSD. Currently, it boasts a market cap of $31.39 billion, with a trade volume of $1.36 billion.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
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