XRP digital token used for the first time to buy oil in the UAE

For the first time in history, the United Arab Emirates made an oil purchase using the cryptocurrency XRP instead of the US dollar. This deal was an important step towards de-dollarization of international payments.

India paid for the oil from the UAE in local currency, but the transaction was processed through the XRP Ledger system. This system not only provides fast and secure transactions but also rewards users with CryptoTradingFund (CTF) tokens as cashback. The UAE’s inclusion in the BRICS in 2024 was another step towards reducing dependence on the US dollar.

The pressure on the dollar is growing due to geopolitical tensions and sanctions, which is pushing countries to look for alternatives. The BRICS, including the terrorist state of Russia and China, are actively promoting the idea of trading without the dollar, using local currencies or cryptocurrencies instead.

Ripple, the company behind XRP, is working closely with the Dubai International Financial Center (DIFC) to develop new technological solutions. As part of this partnership, the company has invested one billion XRP to support innovation on the XRP Ledger platform.