Ripple to bring RLUSD stablecoin to Bahrain via new partnership

Ripple is expanding its operations in Bahrain through a partnership with Bahrain Fintech Bay (BFB), a local fintech incubator associated with the Central Bank of Bahrain (CBB). This collaboration will focus on enhancing Bahrain's digital asset ecosystem by running pilot projects in cross-border payments and providing digital asset custody solutions to financial institutions. BFB was established in 2018 to foster fintech innovation in the region and has worked closely with the CBB since its inception. The partnership aligns with Bahrain’s regulatory framework that permits the issuance of USD stablecoins and other stablecoins backed by local currencies. BFB emphasized the partnership as a means to connect global financial innovations with Bahrain's local markets, thereby supporting fintech development. The CBB recently announced regulations for stablecoin issuers, highlighting Bahrain's role in digital finance. Notably, Ripple's XRP remains a significant player in the cryptocurrency market, despite recent fluctuations in market capitalization ranked fifth among cryptocurrencies.

Source 🔗