Ripple applies for a Luxembourg license and plans to expand the RLUSD stablecoin to Europe.

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According to Deep Tide TechFlow news, on July 15, Ripple applied for an Electronic Money license in Luxembourg, planning to introduce its stablecoin RLUSD to the European market. If approved, this license will allow RLUSD to operate across the EU in compliance with the EU's Markets in Crypto-Assets Regulation (MiCA).

In April of this year, Ripple established a subsidiary in Luxembourg named Ripple Payments Europe SA, which seems to be a preparation for the aforementioned license application. Luxembourg has numerous banking institutions, providing a diverse range of options for stablecoin issuers to store their reserve funds, in compliance with the MiCA regulation that requires at least 60% of stablecoin issuers' reserves to be held in banks.

A spokesperson for Ripple stated: "We see huge opportunities in the European market and plan to comply with MiCA regulations." Last week, Ripple also appointed a New York bank as the primary custodian of the funds behind RLUSD.

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