Dubai is boosting its role as a crypto hub by partnering with major blockchain firms, notably Ripple. On June 3, officials announced new plans to utilize Ripple’s technology to enhance digital payments and bolster the UAE’s efforts to drive blockchain innovation and economic growth. This partnership highlights Dubai’s commitment to integrating digital assets into its financial system and positioning itself as a global leader in blockchain technology.
Dubai Approves Ripple’s RLUSD
The Dubai Financial Services Authority (DFSA) has officially authorized the use of Ripple’s enterprise-level stablecoin, RLUSD, within the Dubai International Financial Centre (DIFC). This approval makes Ripple the first blockchain company to receive such a green light from the DFSA, building on the license it was granted last October. The move signals growing regulatory support for digital assets in Dubai and highlights Ripple’s expanding role in the region’s financial ecosystem.
RLUSD Set to Boost Payments in Dubai’s DIFC
The Dubai International Financial Centre (DIFC) is home to over 7,000 businesses. With the introduction of RLUSD, this stablecoin is set to become a key payment option within this major economic hub. Launched in December 2024, RLUSD is fully backed by US dollar reserves on an equal basis and operates on both the XRP Ledger and Ethereum networks.
Ripple’s reputation for regulatory compliance continues to grow worldwide, with the DFSA’s recent approval following earlier authorization from the New York State Department of Financial Services (NYDFS) to operate in highly regulated markets.
Ripple Sees Rising Support in UAE
In a recent X post, Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, talked about how Ripple is gaining a lot of momentum in the UAE lately. This indicates that an increasing number of people and businesses are adopting Ripple’s technology as the region advances toward digital payments and innovative financial solutions.
Ripple Partners With Unicâmbio
Ripple has also recently partnered with Unicâmbio, a leading foreign exchange firm in Portugal, to enhance remittance and payment processes between Europe and Brazil. Utilizing Ripple’s On-Demand Liquidity (ODL) platform, supported by XRP and RLUSD, the partnership removes the need for pre-funded bank accounts in destination countries. This allows Unicâmbio to settle transactions instantly with digital assets, enabling businesses to operate 24/7 and avoid delays and extra fees associated with traditional banking hours.
Adriana Jeronimo, Executive Board Member at Unicâmbio, praised Ripple’s worldwide infrastructure and scalable technology as an ideal fit for the company’s international goals. She emphasized Ripple’s expertise in cross-border payments and its proven ability to quickly deliver value to corporate clients, making it a trusted partner for their global expansion.
Final Thoughts
Dubai’s partnership with Ripple marks a significant step forward in its goal to become a leading hub for cryptocurrency and blockchain technology. With official approval to use Ripple’s RLUSD stablecoin and new partnerships, such as the one with Unicâmbio, Dubai is enhancing the functionality of digital payments and making it easier for businesses to adopt digital currency. This progress demonstrates Dubai’s strong focus on innovation and economic growth, positioning the city as a leader in the future of finance.
