Ripple USD (RLUSD), a stablecoin issued by Ripple Labs Company, marked historic (ATH) market capitalization after surpassing the $369 million barrier.
Among the novelties that will support this growth, on June 2nd, RLUSD has been approved by Dubai Financial Services Authority (DFSA) Used at the International Financial Centre (DIFC) in Dubai.
From now on, DIFC companies can use Stablecoin for payments, financial management and financial services.
In this regard, Reece Merrick, general director of Ripple in the Middle East and Africa, said:
This type of alliance has an impact RLUSD Market CapAs you can see in the following graph, this continues to grow slowly and steadily.
As reported by Cryptootics, RLUSD is supported by deposits, short-term treasure bonds and other liquid equipment, and is approved by the New York Financial Services Division (NYDFS).
Additionally, it works with Ethereum and XRP Ledger networks where the native currencies are XRP. In other words, if you achieve the expected adoption, it will be beneficial to the price of the fourth most valuable cryptocurrency in the market.
