The launch paves the way for Zand Bank to expand its digital asset services while boosting international payment offerings. Similarly, Mamo joins the Ripple network with ambitions of improving speed, transparency and liquidity in cross-border money transfers using the platform.
Ripple Payments utilizes XRP in select corridors to facilitate rapid settlement and minimize costs. To ensure stability, Ripple has introduced RLUSD, a USD-backed stablecoin issued by its subsidiary, Standard Custody & Trust Company. With $312.99 million in circulation, this stablecoin is designed for both compliance and liquidity.
Ripple’s expansion into the UAE is strategic due to its position as a global payments hub and its clear regulatory framework. The platform currently covers over 90 payout markets with $70 billion in volume processed, and XRP and RLUSD are integral parts of the infrastructure for digital asset payments.