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$RLUSD Stablecoin Wins Abu Dhabi Approval for Institutional Trading
The Financial Services Regulatory Authority in Abu Dhabi has granted Ripple's dollar-pegged #stablecoin recognition as an Accepted Fiat-Referenced Token. Licensed firms operating within the Abu Dhabi Global Market can now deploy $RLUSD for permitted activities under the Thursday announcement.
Jack McDonald, senior vice president of stablecoins at Ripple, stated the token has surpassed $1 billion in market capitalization. The #RLUSD adoption is growing in core financial applications, including collateral and payments, positioning it as a preferred USD stablecoin for major institutions.
The regulatory decision applies to companies licensed by the authority overseeing the ADGM financial zone. This international financial center operates as a free zone on Al Maryah and Al Reem Islands. Regulated firms must meet compliance requirements for fiat-referenced tokens, including reserve management and disclosure obligations.
