Ripple Launches Cross-Border Blockchain Payments in the United Arab Emirates Aimed at Spurring Cryptocurrency Adoption

Zand Bank, the UAE's first all-digital bank, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the principal users of the blockchain payments system

Cryptocurrency payments are launching in the United Arab Emirates with a cross-border blockchain system powered by Ripple and used by Zand Bank and Mamo, announced the fintech company on Friday.

Zand Bank is the UAE’s first all-digital bank, while Mamo provides a digital payment platform for businesses. Both will use “Ripple Payments” to facilitate cross-border blockchain payments.

Ripple Payments is a platform that combines stablecoins, cryptocurrency and fiat to enable payments and quick settlement times, a feature of Web3 that cross-border traditional finance payment systems often lack.

The fintech firm was licensed to offer crypto payments by the Dubai Financial Services Authority (DFSA) in March.

“With this license, we are able to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times and lack of transparency, in one of the world’s largest cross-border payments hubs,” said Reece Merrick, managing director for Middle East and Africa at Ripple.

UAE ranked 56 out of 151 countries for crypto adoption

Chainalysis, a blockchain data platform, ranked the United Arab Emirates 56th out of 151 countries for crypto adoption, according to a 2024 report. The country scored high in decentralized finance, stablecoin use and altcoins.

The UAE has made some changes that may further increase its ranking. Various emirates, including Abu Dhabi and Dubai, have attempted to establish themselves as crypto hubs.

In December 2024, Tether’s USDt (USDT) became an accepted virtual asset in Abu Dhabi. In 2025, Circle’s USDC (USDC) and EURC became the first stablecoins recognized under the emirate’s crypto token regime.

The country is also continuing plans to establish a digital dirham, which would be a central bank digital currency.

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced more oversight for crypto asset activities, specifically margin trading and token distribution. There will be a 30-day transition period, and affected companies will be expected to comply with the new rules by June 19.