Abu Dhabi regulator approves Ripple’s RLUSD stablecoin for institutional use

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 has been cleared for use by institutions in Abu Dhabi after winning recognition as an Accepted Fiat-Referenced Token from 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 a 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,” Jack McDonald, senior vice president of stablecoins at Ripple, said.

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