Ripple Introduces Cross-border Payments in UAE

Ripple, the company behind the XRP cryptocurrency, has introduced cross-border blockchain payment services in the United Arab Emirates (UAE), a move that could accelerate crypto adoption in a nation already supportive of digital assets.

According to a May 19 announcement by Ripple, Zand Bank — the UAE’s first fully digital bank — and fintech firm Mamo, which provides digital payment solutions for businesses, will be the first to use the new system.

Zand Bank and Mamo are set to implement “Ripple Payments” to support cross-border transactions powered by blockchain.

Ripple Payments is a platform that integrates stablecoins, cryptocurrencies, and fiat currencies to enable efficient and fast settlement — an advantage over traditional cross-border financial systems that often suffer from delays.

Ripple received authorization to provide crypto payment services from the Dubai Financial Services Authority (DFSA) in March.

Reece Merrick, Ripple’s managing director for the Middle East and Africa, stated that this license “enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs.”

In a 2024 report, blockchain analytics firm Chainalysis ranked the UAE 56th out of 151 countries in terms of crypto adoption.

The country received high marks for its use of decentralized finance, stablecoins, and alternative cryptocurrencies.

Recent developments could help the UAE climb even higher in future rankings.

Multiple emirates, including Abu Dhabi and Dubai, have made efforts to become regional hubs for digital assets.

In December 2024, Tether’s USDT became a recognized virtual asset in Abu Dhabi.

In 2025, Circle’s USDC and EURC were approved as the first stablecoins under Abu Dhabi’s crypto token framework.

The country is also progressing toward launching a digital version of the dirham, its central bank digital currency (CBDC).

Additionally, on May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced enhanced regulatory measures for activities involving crypto assets, focusing on margin trading and token distribution.

Businesses affected by these changes will have a 30-day transition period to ensure compliance by June 19.

Sources:

https://cointelegraph.com/news/ripple-launches-cross-border-blockchain-payments-uae

https://ripple.com/ripple-press/zand-bank-and-mamo-newest-ripple-payments-customers-in-uae/

https://www.chainalysis.com/blog/middle-east-north-africa-crypto-adoption-2024/