Ripple joins forces with Saudi Arabia's banking giant to explore new chapters in blockchain payments and custody

Ripple announces the signing of a Memorandum of Understanding with Jeel, the innovation arm of Riyad Bank, one of Saudi Arabia’s leading financial institutions. The two parties will jointly explore the application of blockchain technology within the Saudi financial system. The collaboration will focus on cross-border payments, digital asset custody, and asset tokenization, aiming to support Saudi Arabia’s “Vision 2030” goals for modernizing financial infrastructure.

Core of Strategic Cooperation

This partnership is not merely a technical trial but a deep strategic exploration. Ripple and Riyad Bank, through the Memorandum of Understanding, have identified several key areas at the forefront of financial technology.

Both parties plan to jointly research how to leverage blockchain technology to optimize cross-border payment processes. For large institutions like Riyad Bank, with assets exceeding $130 billion, improving the efficiency and transparency of international remittances holds significant practical importance.

The scope of cooperation also includes digital asset custody solutions. Providing secure, compliant custody services for digital assets within the traditional financial system is a prerequisite for large-scale institutional entry. Additionally, asset tokenization is a key focus of the research. This involves converting traditional financial assets into digital tokens on the blockchain, potentially including bonds, fund shares, and even real estate, bringing higher liquidity and operational flexibility to the market.

Bridging TradFi and Crypto

This collaboration exemplifies the traditional finance sector embracing blockchain infrastructure. Riyad Bank, as one of Saudi Arabia’s largest banks, plays a pioneering role. Ripple has long served as a bridge between the blockchain industry and traditional finance. Its core business is to facilitate cross-border transactions through fast, secure, and cost-effective blockchain networks.

By partnering with mainstream financial institutions like Riyad Bank, Ripple aims to embed its enterprise-grade blockchain solutions—including its regulated Ripple USD stablecoin—more deeply into the global financial backbone. This model offers a reference path for other blockchain projects seeking integration with TradFi, emphasizing solving real-world pain points and adhering to compliance frameworks to gain acceptance.

Saudi Arabia’s Digital Finance Ambitions

This partnership is not an isolated event but part of Saudi Arabia’s grand “Vision 2030” economic transformation plan. The core goal of the plan is to promote economic diversification and reduce dependence on oil.

Saudi Arabia’s sovereign wealth fund—the Public Investment Fund—has established a dedicated team to evaluate investment opportunities in the blockchain space. Meanwhile, the Saudi Central Bank is accelerating its digital currency research initiatives. Saudi Arabia’s strategy in digital assets is gradually taking shape. With a young, tech-savvy population and a government showing clear intent to support Web3 and fintech development through friendly regulation and funding, the country is positioning itself as a key player in digital finance.

Table: Main pillars of Ripple and Riyad Bank cooperation and their corresponding Saudi “Vision 2030” goals

XRP Market Data and Ecosystem Development

According to Gate data, as of January 28, 2026, the price of Ripple’s native token XRP is $1.9, with a market cap of approximately $115.56 billion. Its price has shown recent volatility.

XRP’s market performance is closely tied to the overall development of its ecosystem. Notably, the total value of on-chain tokenized assets on the XRP Ledger has exceeded $1 billion, indicating growing institutional adoption of this infrastructure. This growth is partly driven by the issuance of real-world asset products like short-term US Treasury tokens and the expanding circulation of Ripple USD stablecoin.

Regulatory clarity has laid a foundation for XRP’s long-term growth. Previously, settlement of the lawsuit with the U.S. Securities and Exchange Commission and the approval of multiple XRP spot ETFs in 2025 have provided institutional investors with more compliant channels for participation.

Table: Key XRP Data Overview

New Landscape of Digital Assets in the Middle East

The partnership between Saudi Arabia and Ripple should be viewed against the backdrop of the Middle East’s digital asset competition. Currently, the UAE has become the regional hub for digital assets, thanks to its clear regulatory framework.

Dubai and Abu Dhabi have established dedicated digital asset regulatory agencies, providing clear operational guidelines for exchanges, custody providers, and other players. This environment has attracted global companies, including Ripple, to expand their presence in the region.

In response to the UAE’s leading position, Saudi Arabia is taking proactive steps to catch up. Besides the banking collaboration, Saudi Arabia is establishing a cloud computing special economic zone, offering tax and regulatory incentives to attract large tech firms and data center operators, accelerating local digital infrastructure development.

These initiatives indicate a shift in the Middle East from a purely energy-centered economy to a fintech and digital innovation hub. Global capital and talent are increasingly focusing on this emerging market, where compliant and secure trading platforms will play a key role in connecting local and international markets.

Amid market volatility, XRP hovers around $1.9, with its market cap remaining among the top. Over $1 billion in on-chain tokenized assets on the XRP Ledger signals underlying institutional adoption. On platforms like Gate, investors can track XRP and thousands of other digital assets’ prices and trading depth in real-time, experiencing fast and stable trading services. As traditional finance begins to pivot, new pathways are gradually illuminated under the glow of blockchain technology.