Imagine the scene: Ripple, that curious fellow, now embracing the sands of the UAE, partnering with the venerable Zand Bank and the sprightly fintech Mamo. Quite the daring adventure, you might think. Since snatching a license from the Dubai Financial Services Authority (DFSA) in March 2025, Ripple has managed to cozy up to the regionās financial elite, bringing blockchain payments into the Arabian night. Who would’ve guessed? Certainly not those old-timers clinging to paper, eh?
This newly minted license makes Ripple the first of its kind ā a blockchain-enabled payments provider officially licensed to dance in Dubaiās touting financial free zone. Itās a mighty foundation, allowing the company to roll out its Ripple Payments platform across the sandy Emirates, promising near-instant, low-cost cross-border transactions using digital assets like XRP and the shiny new stablecoin RLUSD. Sounds like magic, or perhaps just clever technology; either way, the scene is set.
For those fortunate souls unfamiliar, the platform is like a digital courierādelivering your money swiftly and cheaply across borders, with XRP and RLUSD as the main couriers. Truly, a marvel of modern fintechāif you fancy rapid, transparent transactions. But don’t worry, itās all above board, with regulations to make your grandmother comfortable. Or so they pretend.
Ripple Payments is gaining momentum in the UAE. š¦šŖ
Thanks to our shiny DFSA license, Zand Bank and @MamoPay are now live on Ripple Paymentsābringing blockchain-powered cross-border spending to one of the worldās top remittance hubs.
ā Ripple (@Ripple) May 19, 2025
With this bold step, Zand Bank aspires to broaden its horizonāadding more digital asset services and boosting international transactions. Meanwhile, Mamo, that sprightly fintech, joins the merry band to improve speed, transparency, and liquidity in cross-border transfers, using the platform as their trusty steed to conquer global money-moving. Who knew that fintech could be this glamorous?
To make everything quicker and cheaper, Ripple Payments employs XRP in select corridorsābecause who doesnāt like circling currency? Accompanying this is RLUSD, a dollar-backed stablecoin issued by Rippleās subsidiary, Standard Custody & Trust Company. Already floating around in the market with a staggering $312.99 million, this stablecoin aims to be both compliant and liquidāperfect for the institutional types who enjoy their cross-border dealings with a side of stability.
The UAE’s strategic embrace of Ripple is no accident. As a global payments hubāprocessing over $70 billion and covering more than 90 payout marketsāthe country is fertile ground for digital asset expansion. XRP and RLUSD are now the dynamic duo, forming the twin pillars of liquidity and settlementābecause, of course, why not make digital money the new gold standard?
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2025-05-19 15:47