TechFlow, July 15 — According to Bitcoin.com News, Ripple has applied for an electronic money license in Luxembourg, planning to introduce its stablecoin RLUSD into the European market. If approved, the license would allow RLUSD to operate across the European Union, complying with the EU's Markets in Crypto-Assets Regulation (MiCA).
In April this year, Ripple established a subsidiary named Ripple Payments Europe SA in Luxembourg, a move that appears to prepare for the aforementioned license application. Luxembourg hosts numerous banking institutions, offering stablecoin issuers diverse options for holding reserves—meeting MiCA requirements that at least 60% of a stablecoin issuer’s reserves must be held in banks.
A Ripple spokesperson said: "We see significant opportunities in the European market and plan to comply with MiCA regulations." Last week, Ripple also appointed a New York-based bank as the primary custodian for funds backing RLUSD.
