Abu Dhabi regulator approves Ripple’s RLUSD stablecoin for institutional use

Ripple has achieved a significant regulatory milestone as the Financial Services Regulatory Authority (FSRA) of Abu Dhabi has recognized its USD-backed stablecoin, Ripple USD (RLUSD), as an 'Accepted Fiat-Referenced Token.' This greenlisting allows RLUSD to be utilized within the Abu Dhabi Global Market (ADGM), enhancing Ripple's operational capabilities in the region.

Ripple's RLUSD stablecoin has received a significant regulatory approval in the UAE, marking a pivotal moment for the cryptocurrency as it aligns with the country's evolving financial landscape. This approval is expected to enhance Ripple's operational capabilities and market presence in the region.

Singapore-based trading firm QCP has expanded its workforce by 50% to a total of 157 employees, opened offices in five cities, and obtained key licenses in Singapore and Abu Dhabi to enhance its regulated 24/7 institutional crypto trading capabilities.

XRP's price remains under pressure, trading at $2.15, which is approximately 40% below its peak this year, indicating a technical bear market. Despite a recent surge in the RLUSD metric by 56%, the cryptocurrency's value has not stabilized, reflecting ongoing volatility in the market.

XRP's price has recently fallen below $2 for the first time in seven months, approaching its yearly support level of $1.79. Despite some recent recovery attempts, market momentum remains low, and analysts are outlining potential bull and bear scenarios for the cryptocurrency's future performance.

Ripple has announced a rapid expansion strategy involving XRP and RLUSD, aimed at enhancing institutional collateral. This move is expected to bolster the company's position in the cryptocurrency market as it seeks to attract more institutional investors and partners.

On-chain analyst James Check has warned that Bitcoin faces a potential political crisis alongside technical challenges if quantum computing technology advances. He emphasizes that the real danger lies in achieving consensus within the Bitcoin community rather than in the mathematical vulnerabilities of the cryptocurrency itself.

XRP experienced a significant surge of 7%, marking its strongest breakout in weeks, coinciding with the launch of Ripple-linked exchange-traded funds (ETFs). This increase reflects a growing interest in XRP as institutional investors begin to engage more actively with the cryptocurrency market.