Ripple partners with Riyad Bank on blockchain payments, custody
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Ripple has entered into a collaboration with Jeel, the innovation arm of Riyad Bank, to evaluate blockchain applications within Saudi Arabia’s financial sector, indicating increased institutional interest in blockchain-based infrastructure. The partnership was disclosed Monday by Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa.
Source: Reece Merrick
The agreement is structured as a memorandum of understanding centered on cross-border payments, digital asset custody and asset tokenization. According to the parties, the initiative is intended to support Vision 2030, Saudi Arabia’s long-term plan to modernize its economy and financial systems while reducing reliance on oil revenues.
Riyad Bank’s scale underscores the significance of the deal. The lender is among the largest in Saudi Arabia, with more than $130 billion in assets as of mid-2025, positioning it to play a notable role in any broader move toward blockchain-enabled financial services.
Middle East emerges as a key hub for digital asset development
While Saudi Arabia has traditionally been cautious on blockchain adoption, the wider Middle East has advanced more rapidly, led by the United Arab Emirates. The UAE has sought to establish itself as a regional center for digital assets by combining clearer regulatory frameworks with active engagement from global firms.
Authorities in Dubai and Abu Dhabi have implemented dedicated digital asset regimes covering exchanges, custodians and stablecoin issuers, providing companies with clearer pathways to operate alongside traditional financial markets. This approach has attracted firms seeking regulated access to the region and beyond.
Ripple has expanded its footprint in the UAE as part of this trend, securing regulatory clearance for its Ripple USD (RLUSD) stablecoin, which is designed for institutional use cases such as payments and settlement.
The RLUSD stablecoin has eclipsed $1.3 billion in circulation. Source: CoinMarketCap
Globally, tokenization activity on public blockchains is also increasing. The XRP Ledger recently surpassed $1 billion in onchain tokenized assets, indicating broader institutional adoption of blockchain infrastructure.
The rise has been supported by growth in tokenized U.S. Treasury products and funds, as well as the expansion of RLUSD, which has begun trading on major platforms, including Binance.
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