Ripple Labs is reportedly considering launching a stablecoin backed by the dirham in the United Arab Emirates (UAE), expanding beyond its current US-dollar-backed stablecoin, RLUSD. Speculation arises from a recent blog post by Ripple on November 7, 2024, titled “UAE Stablecoin Regulation: A Blueprint for Financial Innovation,” indicating Ripple's interest in a dirham-backed stablecoin. The post discusses the UAE Central Bank's new regulatory framework to incorporate both dirham-backed and non-AED stablecoins into the country's financial systems. Ripple's involvement in the region is well-established, with the National Bank of Abu Dhabi using Ripple Payments for remittance solutions. The potential launch of a dirham-backed stablecoin aligns with the CBUAE's goal of promoting a regulated stablecoin environment. Tether has also expressed interest in the UAE stablecoin market. The UAE's regulatory approach differs from other global frameworks, allowing unlimited use of dirham-backed stablecoins for payments while restricting non-dirham stablecoins to virtual asset transactions. Read more AI-generated news on: https://app.chaingpt.org/news

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