Ripple has signed a memorandum of understanding with the innovation subsidiary of Riyad Bank to explore the use of blockchain technology and its RLUSD stablecoin in Saudi Arabia.
The agreement will examine how Ripple’s enterprise blockchain and RLUSD could support cross-border payments and other financial infrastructure use cases in the Kingdom, the company said.
The partnership is currently in an exploratory phase. Specific implementation details will be developed as testing and discussions progress between the two sides.
Riyad Bank is one of Saudi Arabia’s largest financial institutions and has been expanding its focus on digital innovation through its specialized technology arm.
Ripple said the move aligns with Saudi Arabia’s goal of building a competitive fintech sector and modernizing payment systems through new technologies.
RLUSD has already secured regulatory approvals in Dubai and Abu Dhabi. The Saudi agreement extends Ripple’s efforts to embed its stablecoin and payment tools across the Middle East.
Ripple has been actively pursuing partnerships with banks and regulators worldwide to grow adoption of its blockchain-based payment solutions.
The company said the Saudi initiative reflects its broader strategy to support regulated digital payments while working closely with local financial institutions.
