The blockchain company Ripple has received approval to provide regulated cryptocurrency payment services in the Dubai International Financial Centre (DIFC).

According to estimates, the cross-border payments market in the UAE is valued at $40 billion. The high demand for fast transactions and the potential adoption of stablecoins create favorable conditions for sector growth.

The company noted that a significant portion of its clients are based in the Middle East, and the opening of an office in Dubai several years ago has strengthened its position in the region.

Ripple’s CEO emphasized that the country offers a supportive environment for blockchain technology development, which contributes to the continued growth of the crypto industry.

One of the company’s latest products is a US dollar-backed stablecoin, which is expected to see increasing demand in the region.

The obtained license marks another step in Ripple’s global expansion strategy. In total, the company has secured more than 60 approvals worldwide.

Earlier, Ripple introduced an institutional DeFi infrastructure based on its own network.