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 an institutional level.
The partnership was announced on Monday by Reece Merrick, Ripple’s Managing Director and Managing Director for the Middle East and Africa. Merrick said Ripple was working with Jeel, the innovation unit of Riyad Bank, in an agreement to study potential applications of blockchain technology.
The agreement will take the form of a memorandum of understanding focused on cross-border payments, digital asset custody and asset tokenization. These efforts aim to support Vision 2030, Saudi Arabia’s long-term strategy to modernize its economy and financial infrastructure while minimizing its dependence on oil exports.
This agreement is remarkable given the size and role of Riyad Bank in the national 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 player in any broader move toward blockchain-based financial services.
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The Middle East emerges as a major market for digital asset innovation
While Saudi Arabia has historically taken a cautious approach to blockchain technology, the Middle East as a whole is moving more decisively in this direction, led largely by the United Arab Emirates.
The UAE has positioned itself as a regional hub for digital assets by combining clearer regulatory frameworks with active engagement from global businesses.
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 in traditional financial markets. This approach has attracted major players seeking regulated access in the Middle East and beyond.
Ripple has expanded its presence in the UAE as part of this trend. The company has obtained regulatory approval for its stablecoin Ripple USD (RLUSD), designed for institutional use cases such as payments and settlements.
Beyond regional developments, tokenization activity on public blockchains is also increasing globally. The XRP Ledger recently surpassed $1 billion in tokenized on-chain assets, reflecting the growing institutional use of blockchain-based infrastructure.
The increase is driven by a combination of tokenized U.S. Treasury products and funds, as well as the growth of RLUSD, which began trading on major platforms including Binance.
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