Ripple’s managing director of ME Reece Merrick keen to launch RLUSD stablecoin in UAE

Ripple’s managing director of ME, Reece Merrick, is excited about launching the RLUSD stablecoin in the UAE. Ripple recently received in-principle approval from DIFC as a blockchain-enabled payment services provider, which has further fueled their plans to launch their stablecoin in the region. With 20% of Ripple’s global client base coming from the GCC and MENA region, they see the Middle East as a forefront of the FinTech revolution, particularly in cross-border payments. The UAE is the number one country in the Arab world for remittances, making it a crucial market for Ripple’s offerings. Additionally, the MENA region ranks as the seventh largest crypto market globally, with institutional and professional-level activity driving this growth. Ripple’s market presence in MENA has grown significantly, representing 20% of their global customer base. They have become the first blockchain-enabled payment service provider to receive in-principle approval from the Dubai Financial Services Authority (DFSA), marking an important milestone for regulated, crypto-enabled cross-border payments in the region. With the license, Ripple can offer full cross-border payment services in the UAE, addressing challenges such as high costs, long processing times, and limited transparency. Ripple views the DFSA and DIFC as positive regulators and is actively monitoring the evolving regulatory landscape in the UAE. They welcome the UAE Central Bank’s regulations on stablecoins and plan to launch their RLUSD stablecoin in late 2024, bridging the gap between traditional finance and crypto in global payments.