Ripple has signed an agreement with the innovation unit of Riyad Bank to examine how blockchain technology could support payments, custody, and asset tokenization in Saudi Arabia, marking another step in the region’s growing institutional adoption of digital asset infrastructure.
A strategic partnership tied to Vision 2030
Ripple’s collaboration with Jeel, the innovation arm of Riyad Bank, was confirmed on Monday by Reece Merrick, Ripple’s senior executive officer and managing director for the Middle East and Africa. The two sides will work under a memorandum of understanding to study potential blockchain use cases within the Saudi financial system.
The initiative aligns with Saudi Arabia’s Vision 2030 agenda, which aims to modernize the economy and financial sector while reducing reliance on oil revenues. The focus areas include cross-border payments, digital asset custody, and tokenization, all seen as foundational elements for next-generation financial infrastructure.
Why Riyad Bank’s involvement matters
Riyad Bank is one of Saudi Arabia’s largest lenders, with more than $130 billion in assets as of mid-2025. Its size and position in the domestic banking system make it a key player in any move toward blockchain-based financial services.
That scale gives the partnership added weight. Any successful pilot or framework developed through Jeel could influence how blockchain tools are evaluated and adopted more broadly across the country’s regulated financial sector.
Middle East momentum and Ripple’s expanding footprint
Saudi Arabia has traditionally taken a cautious stance on blockchain adoption, but the wider Middle East is moving faster, led by the United Arab Emirates. The UAE has combined clearer digital asset regulations with active engagement from global firms, creating a more predictable environment for exchanges, custody providers, and stablecoin issuers.
Ripple has benefited from that momentum. The company has secured regulatory approval in the UAE for its Ripple USD stablecoin, RLUSD, which is aimed at institutional payment and settlement use cases. RLUSD has grown to more than $1.3 billion in circulation, while tokenized assets on the XRP Ledger have surpassed $1 billion, driven by tokenized U.S. Treasurys, funds, and expanding stablecoin activity.