Ripple’s ME Director Reece Merrick Set to Launch RLUSD Stablecoin in UAE

Ripple is advancing its plans to launch the RLUSD stablecoin in the UAE, following the Dubai International Financial Centre (DIFC) ‘s recent approval as a blockchain-enabled payment services provider. 

This approval is a significant milestone in Ripple’s expansion in the Middle East, where it already maintains a strong presence. The company has long viewed the UAE and the broader MENA region as a critical hub for remittances and crypto-based payments.

Ripple expands its presence in the MENA region

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s deep-rooted presence in the GCC and MENA region, noting that 20% of Ripple’s global customer base comes from this area. Merrick praised the region’s progressive government policies and regulatory frameworks, which he believes have created an environment conducive to blockchain and financial technology innovation.

According to the World Bank, the UAE is the top country for remittances in the Arab world, processing $38.5 billion in outbound transactions. This makes it the second-largest remittance sender globally, behind the United States. With the rapid rise of crypto adoption and blockchain technology, the MENA region now stands as the seventh-largest crypto market in the world, with $338.7 billion in on-chain value received between mid-2023 and mid-2024, as reported by Chainalysis. This growth has been primarily driven by institutional activity.

Regulatory progress and Ripple’s expansion plans

Ripple’s recent in-principle approval from the Dubai Financial Services Authority (DFSA) positions the company as the first blockchain-enabled payment services provider to receive such recognition. This approval is considered a crucial step toward furthering regulated crypto-enabled payments in the region. Merrick explained that regulatory clarity will encourage more financial institutions to adopt blockchain technology for cross-border payments, which has long been Ripple’s primary focus.

Ripple plans to use its approval to introduce services like Ripple Payments Direct (RPD), which are designed to address challenges such as high costs and long processing times in cross-border transactions. Merrick added that the company’s compliance-driven approach and liquidity and custody solutions investments will enable it to offer a seamless payment experience in the UAE and beyond.

Ripple prepares to launch RLUSD stablecoin in the UAE

Ripple is also preparing to launch its RLUSD stablecoin, pegged to the US dollar, by the end of 2024. The company is closely monitoring the regulatory environment in the UAE, with ongoing discussions with key regulators such as the Central Bank of the UAE (CBUAE) and the Virtual Asset Regulatory Authority (VARA). Merrick expressed Ripple’s enthusiasm for the UAE Central Bank’s recent regulations governing stablecoins and emphasized that Ripple is eager to make RLUSD available in the region.

The RLUSD stablecoin is expected to play a significant role in bridging traditional finance with the cryptocurrency space, offering new options for cross-border payments. Ripple plans to introduce the stablecoin in the UAE and other markets where it already operates.

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