Ripple makes UAE inroads amid XRP slump and lingering SEC uncertainty

Ripple has partnered with UAE-based firms Zand Bank and Mamo to use its Ripple Payments technology. In an official announcement, the company described the move as building on momentum after securing its license from the Dubai Financial Services Authority (DFSA).

The San Francisco-based fintech became the first blockchain-enabled payment provider in the United Arab Emirates in March and has been onboarding local firms to use its payment solutions. According to the firm, the new partnerships highlight how important securing the license is for its business.

Zand Bank is an AI-powered neobank offering crypto custody services and plans to launch an AED-backed stablecoin. On its part, Mamo is a payment software company focused on businesses and corporate entities.

Ripple Managing director for Middle East and Africa, Recce Merrick, noted that the DFSA License allows Ripple to meet customers’ demand more efficiently and allows UAE companies to enjoy blockchain-based cross-border payment solutions with none of the cons of traditional payments.

He said:

“As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology.”

The firm added that demand for its payment solutions has increased in the Middle East, with both traditional and crypto-native firms showing interest. Ripple cited its 2025 New Value Report, which shows that 64% of finance leaders in Africa and the Middle East consider speed the key reason for adopting blockchain technology for their cross-border payments.

Ripple expands as a blockchain payments and infrastructure company

Meanwhile, onboarding two new clients in the UAE is only part of Ripple’s expansion efforts. The firm is positioning itself as a blockchain payments and infrastructure company, boasting over 60 regulatory licenses worldwide.

The company claims its Ripple Payments are available in over 70 payout markets worldwide, including the US, Brazil, UAE, Switzerland, Mexico, and Australia. It also recently acquired crypto brokerage firm Hidden Road for $1.25 billion.

Hidden Road is licensed under the Market in Crypto Assets (MiCA) framework for EU countries. This means the strategic acquisition could give Ripple access to the European markets once that deal is finalized.

Interestingly, pseudonymous crypto researcher SMQKE believes that Ripple has indirect access to the US Federal Reserve Master Account, which allows financial institutions to settle payments in Central Bank money.

SMQKE explained that Ripple does not have direct access because it is not a regulated depository institution. However, the firm’s partnership with Finastra, one of the major banking tech providers integrated with the FedNow Service, gives it indirect access through the Liquidity Management Tool.

He said:

“The key component here is the Liquidity Management Tool (LMT), a feature within FedNow that enables private sector instant payment services like Ripple to route transactions through tech providers such as Finastra and settle in central bank money via participating banks that do have Master Accounts.”

Despite its expansion efforts, the company is still facing some headwinds. A key one is the settlement with the Securities and Exchange Commission over the status of XRP. A settlement agreement between SEC and Ripple is yet to be finalized after Judge Analisa Torres denied a motion for an indicative ruling as being procedurally improper.

XRP is down amidst a broader market decline

While Ripple might be expanding its tentacles, XRP is down more than 3% in the last 24 hours. The drop in value appears to be due to the general market decline caused by Bitcoin soaring above $107,00 before crashing to $103,000.

Still, the XRP drop means the token has now wiped off all its gains year-to-date, even as it is still up 10.69% in the last 30 days. The token had a massively positive performance towards the close of 2024 and early 2025 but has struggled to maintain that momentum despite the positive developments in the crypto sector.

Nevertheless, it is not alone in the disappointing performance this year. All the major altcoins have also performed below expectations, with most of them currently at a double-digit percentage decline from their value at the start of 2025.

Meanwhile, XRP Futures is set to start trading on the Chicago Mercantile Exchange (CME) on May 19. Investors will expect that news to positively impact XRP value.

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