Ripple RLUSD Stablecoin Hit $1B in Supply on ETH

Ripples RLUSD stablecoin recently surpassed $1 billion in supply on Ethereum, as the token gains regulatory approval in Abu Dhabi.

Stablecoin popularity is steadily expanding as other cryptocurrency marketplaces experience rising volatility. One of the stablecoins with the highest rate of growth is Ripple's RLUSD, whose supply on the Ethereum blockchain topped $1.026 billion on Friday, November 28.

At a time when there is an increasing need for regulated stablecoins, the total supply of RLUSD on both Ethereum (ETH) and XRPL surpassed $1.261 billion. Since its December 2024 launch, the stablecoin has grown to this level in less than a year.

RLUSD is issued by Standard Custody & Trust, a New York-chartered trust business affiliated with Ripple (XRP), in contrast to several other stablecoins. Notably, the stablecoin attracted institutional investors by emphasizing compliance from the start.

RLUSD Stablecoin Receives Regulatory Approval in UAE

In the United Arab Emirates, RLUSD stablecoin just achieved yet another significant regulatory win. Specifically, on November 27, the stablecoin was approved as an Accepted Fiat-Referenced Token by the Financial Services Regulatory Authority of Abu Dhabi. This acknowledgement indicates that authorities have given their approval for its use in the financial hub of the United Arab Emirates, the Abu Dhabi Global Market.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated, “The FSRA's recognition of RLUSD as a Fiat-Referenced Token reinforces our commitment to regulatory compliance and trust, two non-negotiables when it comes to institutional finance.”

As part of its growing efforts to expand throughout the Middle East and Africa, Ripple received regulatory certification in Abu Dhabi. The top fintech incubator in Bahrain, Bahrain Fintech Bay, recently established a strategic relationship with Ripple. Ripple and Bahrain Fintech Bay will collaborate to expand the nation's cryptocurrency ecosystem through joint efforts.