Written by: Weilin, PANews
While reaching a settlement with the U.S. Securities and Exchange Commission (SEC), Ripple is rapidly restarting its global expansion in the Middle East, with Dubai becoming a key point for its layout of tokenizing real-world assets (RWA).
Recently, the XRP Ledger supported by Ripple was selected as the underlying blockchain network for Dubai's real estate blockchain tokenization project, demonstrating that Ripple and XRP's development in government-enterprise cooperation, cross-border settlement, and stablecoin infrastructure is gradually transforming into the company's business breakthrough direction.
Meanwhile, on May 29, Nasdaq-listed energy company VivoPower International announced the completion of a $121 million private placement, transforming into a crypto asset reserve strategy centered on XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million investment, showing the Middle Eastern capital's recognition and bet on the XRP ecosystem.
XRP Ledger Becomes the Public Chain for Dubai's First Government Property Tokenization Project
On May 26, the Dubai Land Department (DLD) announced a collaboration with asset tokenization platform Ctrl Alt to launch the Middle East's first government-led real estate tokenization project, PRYPCO. Supported by the Dubai Virtual Asset Regulatory Authority (VARA) and the Dubai Future Foundation, the project plans to issue real estate assets on-chain through the PRYPCO Mint platform under Ctrl Alt on the XRP Ledger (XRPL), with a minimum investment threshold of 2,000 dirhams (about $545).
The project is a crucial part of Dubai's "Real Estate 2033 Strategy", aiming to achieve a real estate tokenization market of 60 billion dirhams (approximately $16.3 billion) by 2033. Ctrl Alt has obtained broker and issuer licenses from VARA and stated that it has completed asset tokenization of nearly $295 million in assets.
Ripple, a major contributor and promoter of XRPL, has been given the role of technical provider for asset on-chain under government support, representing the protocol's expansion from cross-border payments to RWA asset support. XRPL uses the Ripple Protocol Consensus Algorithm (RPCA), which does not require energy-intensive mining processes and can achieve second-level transaction settlement.
XRPL is also actively advancing its stablecoin ecosystem. SG-FORGE has announced the launch of EURCV, a euro-anchored stablecoin on XRPL in 2025; Braza Group will also introduce BBRL, a stablecoin pegged to the Brazilian real on XRPL, laying a solid foundation for building a multi-asset, multi-scenario tokenization ecosystem.
Meanwhile, XRP has also gained favor from Middle Eastern capital. On May 29, Nasdaq-listed energy company VivoPower International (VVPR) announced the completion of a $121 million private placement, transforming into a crypto asset reserve strategy centered on XRP. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led a $100 million investment, and former SBI Ripple Asia executive Adam Traidman will serve as the chairman of the advisory committee. According to SEC filings, the company plans to issue 20 million common shares at $6.05 per share.
Accelerating Middle East Strategy: Obtaining DFSA License, Acquiring Brokerage Firm Hidden Road
Ripple's focus on the Middle Eastern market is not coincidental. As early as November 2020, Ripple established its regional headquarters in the Dubai International Financial Centre (DIFC), stating that the move was considered due to the unclear U.S. crypto regulatory policies and potential exit from the U.S. In December of the same year, the SEC first accused Ripple CEO Brad Garlinghouse and co-founder Chris Larsen of conducting unregistered securities offerings by selling Ripple's digital token XRP since 2013. The SEC claimed that Ripple raised $1.3 billion through these alleged securities sales, while Ripple maintained that XRP is not a security. After years of evolution and development, the Middle East now accounts for about 20% of Ripple's global customers.
In March this year, Ripple obtained a regulatory license from the Dubai Financial Services Authority (DFSA), becoming the first compliant blockchain payment provider in DIFC, officially conducting compliant crypto cross-border payment business in the UAE. In May, Ripple announced collaborations with UAE digital bank Zand Bank and fintech company Mamo, embedding its cross-border payment system into their financial service systems to support 24/7 cross-border settlement. Zand Bank also plans to launch a stablecoin pegged to AED to enhance local digital payment capabilities.
The stablecoin RLUSD is also enriching Ripple's business ecosystem and supporting the company's business expansion. RLUSD not only provides up to 8%-9% annual percentage rate (APR) on Aave, quickly attracting around $150 million in funds, but also launched on Euler Finance on May 29, allowing users to directly lend, borrow RLUSD, and use it as collateral. Currently, the supply APY for RLUSD on Euler is as high as 22.05%. The SEC has initiated a formal review of the WisdomTree XRP Fund application submitted to the Cboe BZX Exchange. If approved, Ripple may usher in another round of capital and user inflow.
Overall, after years of battle with the SEC, Ripple is rapidly redeploying its global strategy by leveraging the Middle East, a regulatory-friendly frontier. The XRP Ledger, as its technical hub, is undertaking multiple roles from payment infrastructure and stablecoin clearing to asset tokenization. If Ripple can successfully promote the "tokenization as a service" model, the Middle East may become an important testing ground for it to escape regulatory shadows and achieve the integration of DeFi and TradFi, and asset on-chain.
