Ripple has partnered with the innovation arm of Riyad Bank, a major Saudi financial institution, to explore the use of blockchain technology within the country’s financial system, signaling growing interest in blockchain-based infrastructure at the institutional level.
The partnership was announced Monday by Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa. Merrick said Ripple is working with Jeel, Riyad Bank’s innovation unit, as part of an agreement to study potential applications of blockchain technology.
The arrangement will take the form of a memorandum of understanding that focuses on cross-border payments, digital asset custody and asset tokenization. These efforts are intended to support Vision 2030, Saudi Arabia’s long-term strategy to modernize its economy and financial infrastructure while minimizing dependence on oil exports.
The deal is notable given Riyad Bank’s scale and role in the domestic financial system. The bank is among Saudi Arabia’s largest lenders, with more than $130 billion in assets as of mid-2025, positioning it as a key participant in any broader shift toward blockchain-based financial services.
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Middle East is emerging as a major market for digital asset innovation
While Saudi Arabia has historically taken a cautious approach to blockchain technology, the broader Middle East is moving more decisively in that direction, led in large part by the United Arab Emirates.
The UAE has positioned itself as a regional hub for digital assets by pairing clearer regulatory frameworks with active engagement from global companies.
Regulators in Dubai and Abu Dhabi have introduced dedicated digital asset regimes covering exchanges, custody providers and stablecoin issuers, giving companies a clearer path to operate within traditional financial markets. This approach has attracted major players seeking regulated access to the Middle East and beyond.
Ripple has expanded its presence in the UAE as part of this trend. The company has secured regulatory approval for its Ripple USD (RLUSD) stablecoin, which is designed for institutional use cases such as payments and settlement.
Beyond regional developments, tokenization activity on public blockchains is also increasing globally. The XRP Ledger recently surpassed $1 billion in onchain tokenized assets, reflecting growing institutional use of blockchain-based infrastructure.
The increase has been driven by a combination of tokenized US Treasury products and funds, as well as the growth of RLUSD, which has begun trading on major platforms, including Binance.
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