Ripple signed an MoU with Riyad Bank’s innovation arm to test RLUSD and blockchain rails for Saudi cross‑border payments, extending its recent Middle East regulatory wins.
Summary
- Ripple and Riyad Bank’s innovation subsidiary signed an MoU to explore using Ripple’s enterprise blockchain and RLUSD stablecoin for Saudi financial infrastructure and cross‑border payments.
- The agreement is an exploratory phase with implementation details pending, but it aligns with Saudi Arabia’s push to build a competitive fintech sector and tokenized payment rails.
- RLUSD already holds approvals in Dubai and Abu Dhabi, and the Saudi MoU continues Ripple’s strategy of embedding its stablecoin and payment stack with regional banks and regulators.
Ripple, the issuer of the RLUSD stablecoin, has signed a memorandum of understanding with Riyad Bank’s innovation subsidiary to explore blockchain applications within Saudi Arabia’s financial infrastructure, the company announced.
Ripple and Riyad Banjk sign RLUSD partnership
The agreement will focus on examining how Ripple’s enterprise-grade digital asset technology could be applied to areas including cross-border payments, according to the announcement.
The partnership aligns with Saudi Arabia‘s efforts to develop a competitive financial technology sector within the Kingdom, the companies stated.
Riyad Bank, one of Saudi Arabia’s largest financial institutions, has been expanding its digital innovation initiatives through its specialized subsidiary.
Ripple has been pursuing partnerships with financial institutions globally to expand the adoption of its blockchain-based payment solutions. The company’s RLUSD stablecoin represents part of its broader digital asset infrastructure offerings.
The memorandum of understanding represents an exploratory phase, with specific implementation details to be determined through the partnership’s development, according to the agreement.
