Ripple, Where the Positive Atmosphere Blows, Signed a First in the $40 Billion Market in the UAE! - Coin Bulletin

Ripple (XRP) became the first blockchain-based payment provider to be licensed by the Dubai Financial Services Authority (DFSA).

According to Ripple CEO Brad Garlinghouse, the company emphasizes that with this new development, a period of accelerated growth in the crypto sector has been entered. Garlinghouse stated that due to the increasing regulatory clarity worldwide and the interest of institutions in crypto, the industry will grow at an unprecedented pace. The CEO also expressed that the United Arab Emirates is advantageous due to its early support for technology and crypto innovations.

Ripple has announced that it is accelerating its operations in the Middle East, where approximately 20% of its existing customer base is located. The company specifically noted an increasing demand for Ripple solutions from traditional financial institutions and crypto companies in the region. Additionally, it was noted that the company expects the increased demand for stablecoins used for instant payments to become more widespread in the United Arab Emirates.

The license Ripple has received from DFSA may contribute to the widespread adoption of RLUSD, the company's own stablecoin. The market value of RLUSD stablecoin is currently at $134 million level, and the company expects the use of this stablecoin to rapidly increase in the Middle East region, especially for instant payments.

Following the latest developments, the XRP price has increased by approximately 3% in the last 24 hours, surpassing Bitcoin's (BTC) performance. Another reason for the increase in XRP's value is attributed to the ongoing lawsuit between Ripple and the SEC reaching its final stages.