Ripple, the blockchain firm behind XRP, has announced a significant expansion into the United Arab Emirates (UAE) by partnering with two of Dubai’s leading financial innovators: Zand Bank and Mamo. The strategic move, unveiled on May 19, reflects Ripple's commitment to embedding blockchain-powered payments into one of the most forward-thinking financial markets in the world.As part of the initiative, Ripple Payments will power seamless cross-border transactions by integrating stablecoins, cryptocurrencies, and fiat currencies. This hybrid model promises faster, more efficient, and cost-effective settlements, disrupting traditional banking rails and aligning with the UAE's vision of a digitally driven economy.
Zand Bank and Mamo: Driving Blockchain Adoption
Zand Bank, the UAE’s first fully digital bank, and Mamo, a leading fintech focused on simplifying business payments, will deploy Ripple’s enterprise-grade payment infrastructure to enhance speed, transparency, and efficiency.
Chirag Sampat, Head of Treasury and Markets at Zand Bank, emphasized the partnership’s transformative role in delivering AI and blockchain-based financial products, a cornerstone in building a robust digital economy in the Gulf region.
Mamo’s CEO, Imad Gharazeddine, described the collaboration as a “milestone moment” that supports the UAE’s ambition to host over one million businesses by 2030, with Ripple providing the global payment rails needed for such growth.
Licensed in Dubai, Positioned for Growth
This development follows Ripple’s earlier licensing success with the Dubai Financial Services Authority (DFSA), which now allows the firm to legally offer crypto payment services in the Dubai International Financial Centre (DIFC). This regulatory win significantly strengthens Ripple’s foothold in the region and showcases its commitment to compliance.
According to Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, demand for faster and more reliable cross-border payment solutions is surging. The recently released 2025 New Value Report by Ripple confirms that 64% of regional financial leaders now cite transaction speed as the top reason for blockchain adoption.
Stablecoin Development and Market Impact
Zand Bank also revealed plans to issue a stablecoin pegged to the UAE dirham (AED), enhancing digital transaction stability within the local economy. Ripple Payments, with a capacity to process over $70 billion annually in more than 90 payout markets, positions the company as a major catalyst for blockchain integration in global finance.
However, despite Ripple’s aggressive expansion, challenges persist—particularly in the U.S., where it continues to battle the Securities and Exchange Commission (SEC) over whether XRP is a security. Judge Analisa Torres recently dismissed a motion for an indicative ruling due to procedural issues, leaving the matter unresolved.
As a result, XRP has seen recent market volatility, dropping 4.17% over the past week to $2.39, despite a 14.46% monthly rise. The token has now erased its year-to-date gains, underscoring how closely its price tracks Ripple’s legal progress.
Strategic Resilience Amid Legal Turbulence
While Ripple’s regulatory struggles in the U.S. remain a hurdle, its expansion into the UAE’s digitally progressive environment reflects strategic resilience. By forging partnerships with regional fintech leaders like Zand Bank and Mamo, Ripple is accelerating global adoption of blockchain-based payments and helping shape a future where financial services are borderless, fast, and transparent.
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