Thomas Daniels
Ripple has launched its blockchain-powered cross-border payment platform, Ripple Payments, in the United Arab Emirates (UAE), furthering the country’s ambitions to become a leading hub for digital finance.
This strategic rollout features collaborations with Zand Bank—the UAE’s first all-digital bank—and Mamo, a fintech firm offering payment solutions for businesses. Both institutions will leverage Ripple Payments to facilitate real-time, cross-border transactions by integrating stablecoins, cryptocurrencies, and fiat currencies.
Ripple Payments is designed to overcome the persistent inefficiencies of traditional finance systems, such as high transaction costs, extended settlement periods, and limited transparency. The company received a license from the Dubai Financial Services Authority (DFSA) in March, enabling it to legally offer cryptocurrency payment services in the region.
Reece Merrick, Managing Director for the Middle East and Africa at Ripple, emphasized that the license allows Ripple to address significant pain points in one of the world’s most active cross-border payments corridors.
Zand Bank has also revealed plans to issue an AED-backed stablecoin, targeting enhanced efficiency and flexibility in local and international transactions. Mamo, meanwhile, aims to provide faster, more secure cross-border payments for both consumers and enterprises.
Crypto Adoption Rises in the UAE
The UAE ranked 56th out of 151 countries in Chainalysis’ 2024 global crypto adoption index, scoring high in categories such as decentralized finance, stablecoin usage, and altcoin activity. Local authorities have taken active steps to enhance this standing, with major emirates like Abu Dhabi and Dubai positioning themselves as regulatory and operational hubs for digital assets.
In late 2024, Abu Dhabi officially accepted Tether’s USDt as a virtual asset. Subsequently in 2025, Circle’s USDC and EURC were the first stablecoins formally recognized under Abu Dhabi’s crypto token regulatory regime. Meanwhile, the UAE continues to develop its own central bank digital currency, the digital dirham.
Dubai Reinforces Crypto Regulations
On May 19, the Virtual Assets Regulatory Authority (VARA) in Dubai announced new regulations focused on margin trading and token distribution. Affected firms are expected to align with the updated framework by June 19, following a 30-day transition period.
These enhanced regulations aim to streamline compliance, bolster transparency, and tighten governance around collateral wallet arrangements and digital asset distribution practices. The reforms mark another step in the UAE’s mission to establish a secure, well-regulated virtual asset marketplace.
Conclusion
The integration of Ripple Payments into the UAE’s financial infrastructure, led by key partnerships with Zand Bank and Mamo, underscores the country’s evolving role as a center for blockchain innovation. As regulatory clarity increases and adoption grows, the UAE stands poised to lead the next phase of global financial digitization.
