Ripple’s RLUSD Market Cap Hits Record High as XRP Rises After Abu Dhabi Approval

Abu Dhabi Regulator’s Approval Pushes the RLUSD’s Market Cap to 1.26 Billion

Ripple Lab’s USD-backed stablecoin Ripple USD (RLUSD) got recognised as an Accepted Fiat-Referenced Token by Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The move enables the usage of the RLUSD for institutional uses within the ADGM (Abu Dhabi Global Market). The approval allows the usage of Ripple-backed stablecoin as collateral in exchanges and for lending. Additionally, it can be used in prime-brokerage platforms operating within the Abu Dhabi Global Market (ADGM), stated Ripple’s post on X. 

According to Ripple Labs, the regulatory clarity would facilitate the easy integration of the RLUSD into Ripple’s cross-border payment and crypto ecosystem. On the same day, the RLUSD market cap reached a new record high of $1.26 billion. 

Commenting on the approval, Reece Merrick, Managing Director, Middle East and Africa, Ripple, stated that the UAE continues to set a global benchmark for digital asset regulation and innovation. He added that ADGM is recognised globally for its robust and forward-thinking regulatory leadership, and that this approval reinforces RLUSD as a compliant stablecoin that meets the highest standards of trust, transparency, and utility.

The Ripple’s Expanding Footprint in the Middle East

The RLUSD has earlier gained approval as a recognised crypto token for use within the Dubai International Financial Centre (DIFC) back in June. In October, the company also formed a strategic partnership with Bahrain Fintech Bay (BFB). The BFB is Bahrin’s leading fintech incubator. The current approval is significant as it is expected to propel institutional adoption in the region. 

Reece Merrick added that the current recognition was yet another step forward for Ripple’s operations in the region, where they were experiencing surging interest in their products. He expressed that they looked forward to continuing to work with their partners and regulators to support the safe and rapid adoption of digital asset technology across the Middle East.

Arvind Ramamurthy, Chief Market Development Officer, ADGM, congratulated Ripple for achieving an important milestone and further stated that they looked forward to seeing them make use of their robust regulatory framework, which was designed to support the sustainable growth of innovative firms and ensure the highest international standards of governance and compliance, which continued to set global benchmarks in the digital asset space. The approval had a bullish impact on the market.

XRP Price Goes Up Following the Abu Dhabi Regulator’s Approval

The XRP is currently trading at around $2.18; the price is up today. The market cap touched $132.08 billion. The Ripple-backed token is trading above the 10-day Exponential Moving Average and Simple Moving Average. Moreover, MACD is having a bullish crossover. If the token was able to hold the currency level, the XRP may retest $2.24 resistance soon. 

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