Get Ready, Ripple Wants To Launch Dirham-Based Stablecoin In The UAE!

Ripple, blockchain-based cross-border payment platform will release stablecoins. (Photo; Doc. Investing)

JAKARTA - Ripple Labs, a cross-border payment company and XRP manager is reportedly preparing for the launch of a dirham-based stablecoin (AED) in the United Arab Emirates (UAE) in the near future.

Although there has been no official confirmation, speculation about this project has intensified, especially after Donald Trump's victory in the 2024 US election which was positively welcomed by the crypto industry. Not only that, Ripple is also planning to release RLUSD. This is a stablecoin pegged to the US dollar, whose value will follow the movement of the US dollar price.

In its latest blog post, Ripple stated that the adoption of stablecoins in the world continues to increase and could reach a valuation of up to US$3 trillion (around Rp46,500 trillion) in the next five years. However, this growth requires clear regulatory support.

Ripple appreciates the UAE for being a pioneer in providing a clear regulatory framework, particularly for stablecoins. The Central Bank of the UAE (CBUAE) recently published regulations to include dirham-based stablecoins and non-dirhams into the financial system. This move not only supports financial inclusion but also strengthens the position of the UAE as a center for crypto innovation in the Middle East.

Since several years ago, Ripple has been active in the UAE in collaboration with the National Bank of Fujairah PJSC (NBF) which uses RippleNet for instant payment solutions. In 2022, Ripple will also partner with Tranglo to expand its service reach in the country.

Meanwhile, the latest development of the RLUSD stablecoin which will be released is increasingly positive. Data from the Ripple Stablecoin Tracker noted a significant transfer of RLUSD between anonymous and Treasury wallets in the last 24 hours.

The beta version of RLUSD trial starting in August is expected to end so the chances of releasing the stablecoin on the Ethereum and XRP Ledger (XRPL) networks are getting bigger.