   
Ripple is expanding its footprint in Bahrain by entering into a new partnership with a local fintech ecosystem builder.
According to a message from October 9 announcementRipple has partnered with Bahrain Fintech Bay, a major local fintech incubator that works closely with government partners, to integrate blockchain and stablecoin infrastructure into regulated financial markets.
As part of the partnership, Ripple and Bahrain Fintech Bay will collaborate on pilot projects and educational programs in areas such as cross-border payments, tokenization and stablecoins in an effort to further accelerate Bahrain’s digital asset ecosystem.
According to Reece Merrick, Ripple’s Middle East director, the San Francisco-based company plans to offer Bahrain’s financial institutions its digital asset custody solution and its Ripple USD (RLUSD) stablecoin venture.
“The Kingdom of Bahrain has emerged as an early adopter of blockchain technology and was one of the first jurisdictions in the world to regulate crypto assets,” Merrick joked. “At Ripple, we look forward to working with Bahrain Fintech Bay to continue laying the foundation for a thriving local blockchain industry, and ultimately offering our digital asset and stablecoin custody solution to Bahrain’s financial institutions.”
 Bahrain Fintech Bay’s partnership with Ripple comes months after the Central Bank of Bahrain revealed a new framework for licensing and regulating stablecoin issuers in July.
The move in Bahrain expands Ripple’s presence in the Middle East, building on a license obtained earlier this year from the Dubai Financial Services Authority (DFSA). The partnership also underlines the increasing demand from Gulf institutions to adopt digital asset technologies within clear regulatory frameworks.
“Bahrain has long been recognized as a hub for financial services, and today this legacy is further strengthened in the areas of digital assets and blockchain,” said Suzy Al Zeerah, Chief Operating Officer at Bahrain Fintech Bay. “This partnership with Ripple reflects Bahrain FinTech Bay’s commitment to connecting global innovators with the local ecosystem, creating opportunities for pilots, talent development and cutting-edge solutions that will shape the future of finance.”
The news comes on the heels of XRP falling to the fifth-largest cryptocurrency by market cap, after a parabolic rise in Binance-linked BNB earlier this week propelled XRP past it to secure the third spot on the crypto market leader board.
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