Ripple, the creator of the cryptocurrency XRP, has introduced cross-border blockchain payment services in the United Arab Emirates (UAE). This launch marks a significant step towards boosting cryptocurrency adoption in a region known for embracing digital innovation. Ripple’s new service aims to revolutionise how payments are made across borders, offering faster, more transparent, and cost-effective transactions.
Key Partners and Technology Behind Ripple Payments
The new platform will be primarily used by Zand Bank—the UAE’s first all-digital bank—and Mamo, a fintech company providing digital payment solutions for businesses. Both institutions will utilise “Ripple Payments” to facilitate seamless cross-border transactions. This platform uniquely integrates stablecoins, cryptocurrency, and traditional fiat currencies, enabling rapid settlement times that traditional payment systems often cannot match.
Moreover, Ripple secured a licence from the Dubai Financial Services Authority (DFSA) in March, allowing it to operate crypto payment services legally in the region. According to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, this licence empowers the company to address key issues such as high fees, long settlement times, and lack of transparency, which have long plagued traditional cross-border payments. Merrick also highlighted the UAE’s strategic importance as a global hub for international money transfers.
UAE’s Growing Crypto Ecosystem and Regulatory Developments
The UAE currently ranks 56th out of 151 countries for cryptocurrency adoption, according to blockchain data firm Chainalysis. The country scores well in decentralised finance, stablecoin usage, and altcoins. Additionally, several emirates, including Dubai and Abu Dhabi, are actively positioning themselves as crypto-friendly hubs.
Notably, Abu Dhabi recognised Tether’s USDt stablecoin as a virtual asset in December 2024. In early 2025, Circle’s USDC and EURC stablecoins became the first tokens to receive formal recognition under Abu Dhabi’s crypto token regime. Beyond stablecoins, the UAE is also progressing with plans for a digital dirham—a central bank digital currency that could further transform the financial landscape.
Most recently, Dubai’s Virtual Assets Regulatory Authority (VARA) introduced enhanced oversight of crypto asset activities such as margin trading and token distribution. This regulatory update includes a 30-day transition period, with companies expected to comply by June 19. These measures demonstrate the UAE’s commitment to fostering a secure and well-regulated environment for digital assets, supporting innovation while protecting investors.
