{"id":71211,"date":"2025-06-03T11:21:36","date_gmt":"2025-06-03T11:21:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=71211"},"modified":"2025-06-03T11:21:36","modified_gmt":"2025-06-03T11:21:36","slug":"big-news-for-ripple-and-rlusd-details-here","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=71211","title":{"rendered":"Big News for Ripple and RLUSD: Details Here"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple took center stage today (June 3), but this time, thanks to a major development involving its stablecoin.<\/span>
\nThe move comes a few days after Bitget enabled trading services with the product, thus joining the list of other well-known crypto exchanges that have embraced it in recent months.<\/p>\n

<\/a><\/p>\n

Dubai Says \u2018Yes\u2019<\/h2>\n

Ripple\u2019s stablecoin, dubbed RLUSD, was <\/span>recognized<\/span><\/a> by the Dubai Financial Services Authority (DFSA) as a crypto token within the Dubai International Financial Center (DIFC).\u00a0<\/span><\/p>\n

\u201cThis approval reinforces RLUSD\u2019s position as a trusted, enterprise-grade stablecoin, built with regulatory compliance, utility, and transparency at its core,\u201d Ripple emphasized in its official announcement.\u00a0<\/span><\/p>\n

Jack McDonald, Senior Vice President of Stablecoins at the company, described the approval as proof of the firm\u2019s commitment \u201cto building a stablecoin that meets the highest standards of trust, transparency, and utility.\u201d\u00a0<\/span><\/p>\n

\u201cWith regulation-first design and enterprise-grade features, RLUSD <\/span>is uniquely positioned<\/span> to drive institutional use of blockchain technology across global markets, starting with cross-border payments,\u201d he added.<\/span><\/p>\n

The green light from Dubai allows other DFSA-licensed entities within the DIFC area to incorporate the product into their operations.<\/span><\/p>\n

The Dubai International Financial Centre (DIFC) is a special economic zone that serves as a financial hub for the Middle East, Africa, and South Asia (MEASA) region. It operates under its <\/span>own<\/span> legal system and courts, while businesses within the area benefit from a 0% corporate tax rate on qualifying income and no restrictions on capital repatriation.<\/span><\/p>\n

In August last year, Ripple strengthened its global presence by <\/span>partnering<\/span><\/a> with the DIFC. A few months later, it <\/span>received<\/span><\/a> in-principle approval from the Dubai regulator to expand its services within the special economic area.<\/span><\/p>\n

RLUSD\u2019s Previous Achievements<\/span><\/h2>\n

The stablecoin pegged 1:1 to the US dollar officially <\/span>saw the light of day<\/span><\/a> in December of last year.<\/span> Initially, the exchanges that allowed trading services with it included Uphold, Bitso, Moonpay, Bitstamp, and others. <\/span><\/p>\n

Later on, well-known names such as Gemini and Kraken also followed suit. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a> last week, the latest to hop on the bandwagon was Bitget, which listed the RLUSD\/USDT and RLUSD\/USDC pairs.\u00a0<\/span><\/p>\n

Despite that, Ripple\u2019s financial product remains an insignificant player in the stablecoin niche, with a market cap of around $310 million. <\/span>This<\/span> represents a mere 0.12% of the industry\u2019s $250 billion capitalization.<\/span><\/p>\n

It is important to note that Ripple supposedly tried to increase its presence in the stablecoin sector by acquiring Circle (the company behind USDC). Several reports indicated that the company is ready to pay over $10 billion to close the deal.<\/span><\/p>\n

However, Circle rejected the speculation, saying<\/a> that it was not for sale. It also <\/span>plans<\/span><\/a> to go public through an IPO in the United States.<\/span><\/p>\n

The post Big News for Ripple and RLUSD: Details Here<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple took center stage today (June 3), but this time, thanks to a major development involving its stablecoin. The move comes a few days after Bitget enabled trading services with the product, thus joining the list of other well-known crypto exchanges that have embraced it in recent months. Dubai Says \u2018Yes\u2019 Ripple\u2019s stablecoin, dubbed […]<\/p>\n","protected":false},"author":0,"featured_media":71212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-71211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/71211"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71211"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/71211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/71212"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}