According to Foresight News, citing Bitcoin.com News, Ripple has applied for an electronic money license in Luxembourg, planning to introduce its stablecoin RLUSD to the European market. If approved, the license would enable RLUSD to operate across the entire EU, complying with the EU's Markets in Crypto-Assets Regulation (MiCA). In April this year, Ripple established a subsidiary called Ripple Payments Europe SA in Luxembourg, which appears to be in preparation for this license application.
Luxembourg, with its numerous banking institutions, offers diverse options for stablecoin issuers to store reserves, meeting the MiCA requirement that at least 60% of reserves must be held in banks. A Ripple spokesperson stated: "We see tremendous opportunities in the European market and plan to comply with MiCA regulations." Last week, Ripple also appointed the New York Bank as the primary custodian of funds behind RLUSD.
