This approval marks a significant step in Ripple's global expansion, especially within the UAE and other key regions. The positive market reaction underscores growing confidence in Ripple's compliant digital asset solutions, bolstered by developments such as this one.

The price of XRP has surged following news that Dubai's Dubai International Financial Centre (DIFC) has granted regulatory approval to Ripple's stablecoin, RLUSD. This approval is a significant step in Ripple's global expansion, particularly within the UAE and other key regions.

The positive market response to this development highlights the growing confidence in Ripple's compliant digital asset solutions, which are designed to meet the specific needs of the institutional sector.

> Related: Despite SEC lawsuit, crypto firms keep filing to launch products in DIFC

Ripple's RLUSD Receives Regulatory Nod in DIFC

Ripple's stablecoin, RLUSD, has been approved by Dubai Financial Services Authority (DFSA) in the DIFC. It is a stablecoin, pegged at 1:1 to the U.S. dollar, with liquid reserves to back the value of it and is intended for institutional usage.

In its announcement, Ripple highlighted the importance of this approval in aiding its footprint and facilitating seamless operation in various markets around the world.

In addition to oversight from the DFSA in the UAE and the New York Department of Financial Services (NYDFS) in the U.S., this stablecoin is subject to the RLUSD token and stringent regulatory standards. Ripple stated specifically, however, that this stablecoin is not intended for retail speculation but for institutional users, reinforcing Ripple's dedication to transparency and regulatory compliance.

"We are pleased to have received approval for RLUSD in DIFC. This approval underscores our commitment to expanding our global footprint and providing seamless operation in diverse markets," said Ben Baker, managing director, Global Markets at Ripple. "Insular regulatory models do not serve the interconnected financial services industry of today. At Ripple, we are focused on enabling interoperable and compliant digital asset solutions that meet the specific needs of the institutional sector."

As reported by Chain Edge earlier today, several public companies have been making massive allocations to fund units of XRP, in what appears to be a new trend among institutions to diversify their treasuries with crypto assets.

For example, VivoPower (CVE:VPO), a publicly listed renewable energy company, has allocated $121 million to an XRP-focused treasury reserve. The company plans to use the proceeds from the sale of its U.S. subsidiary to fund the XRP reserve and invest in clean energy projects in Southeast Asia.

Meanwhile, Webus International, a China-based firm, is planning to establish an XRP reserve as part of its strategy to raise $300 million through non-equity financing. The firm, which provides cross-border e-commerce services, aims to expand its operations in Southeast Asia and other markets.

These moves underscore the growing interest in XRP as a valuable asset in institutional portfolios.

Another interesting development is the adoption of Ripple's technology by DZ Bank, Germany's second-largest bank, with over €350 billion in assets. According to sources, DZ Bank has chosen Ripple's digital asset custody platform for its first full-scale rollout in Europe.

XRP Price Shows Strength Amid Institutional Demand

XRP price has been showing strength and could continue to rise as it benefits from a favorable environment created by regulatory wins and increasing institutional interest.

As Ripple expands its regulatory footprint in regions like Dubai and receives high-profile institutional endorsements, the case for further XRP price growth in the coming months is becoming stronger.

However, like any digital asset, XRP's price is still subject to significant market volatility. But with RLUSD now approved in Dubai and DZ Bank set to launch Ripple's technology, the stage is set for an interesting second half of 2024 in the XRP market.

At the time of writing, XRP is trading at $0.5007, showing a 24-hour gain of 0.30%. It has a market capitalization of $25,060,177,950.

News data source: kdj.com

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