There is no official Saudi cryptocurrency. The Saudi Central Bank (SAMA) has not issued a coin, there is no digital riyal you can download or buy, and no Saudi stablecoin is live. When you see "the Saudi coin", "Saudi riyal token", "KSA coin" or "عملة stc الرقمية" for sale, it is unofficial by definition, and in several documented cases it has been a scam. What does exist is narrower and more interesting: two wholesale central-bank experiments, stated plans for regulated stablecoins, and a clear 2019 government warning against anyone using the Kingdom's name to sell tokens.
The short answer, and why the question keeps coming up
People search for a Saudi coin for understandable reasons. Vision 2030 is full of digital projects, the Kingdom has invested heavily in fintech, and headlines about a "digital currency with the UAE" or "Saudi joins China's CBDC platform" sound like a coin is coming. Scammers know this, and they fill the gap with tokens that use the flag, the riyal symbol or the Crown Prince's image.
The official picture has not changed since 2018: crypto is not prohibited for individuals, but it is unregulated. The Standing Committee chaired by the CMA, with SAMA and several ministries, stated that virtual currencies are not approved as official currencies in the Kingdom and that nobody is licensed to deal in them. A state-issued cryptocurrency would contradict that position, and none has been announced. Our legal guide covers what that means for buying Bitcoin or USDT.
Aber: the Saudi–UAE pilot of 2019
The closest thing to a "Saudi digital currency" so far is Aber, a joint project between SAMA and the Central Bank of the UAE announced in January 2019. Aber was a wholesale CBDCCBDCCentral bank digital currency: money issued directly by a central bank in digital form. A wholesale CBDC is used only between banks for settlement; a retail CBDC would be held by the public. experiment: the two central banks tested whether a shared digital currency on a distributed ledgerDistributed ledgerA shared database copied across several participants, which is the technology behind blockchains. could settle payments between commercial banks in both countries, including across the border. It was never meant for the public, never had a token you could buy, and never traded on an exchange.
The project published its final report on 29 November 2020. No live successor followed. If someone tells you Aber is "the Saudi coin you can invest in", they are describing something that does not exist.
mBridge: wholesale, cross-border, and finished
The second experiment is the one that made international headlines. On 5 June 2024 SAMA announced that it had joined Project mBridge, run with the Bank for International Settlements, as a participant in the minimum viable product platform. mBridge connects several central banks so that commercial banks can settle cross-border payments in each other's central bank digital currencies. Again, this is wholesale infrastructure for banks, not a coin for individuals.
According to reports in September 2026 citing the Financial Times, SAMA said it had successfully completed its mBridge proof of concept on 13 May 2025 and is no longer a participating member. So the accurate description is "a completed trial", not an active Saudi digital currency. Nothing from mBridge was ever available to the public, and nothing from it can be bought on Binance, CEX.IO or any other platform.
The stablecoin plans: announced, not launched
The one development that could eventually produce a "Saudi" digital token is a stablecoinStablecoinA token designed to keep a fixed value against a currency, such as one US dollar or, in theory, one riyal. USDT and USDC are the best-known examples. framework. In November 2025 a Saudi minister, Majed Al-Hogail, was reported by Al Arabiya as saying the government was working with the CMA and SAMA to launch regulated stablecoins soon. That is a real statement of intent. It came with no date, no named issuer, no draft rules and no token, and as of our last check SAMA and the CMA had published no stablecoin regulation.
Treat any riyal stablecoin offered for sale today as unofficial. A legitimate one would arrive with published rules on sama.gov.sa or cma.gov.sa, a named licensed issuer and disclosure of its reserves, not with a Telegram presale.
Fake "Saudi coins": the documented cases
Two cases are worth knowing because they show the patterns that keep repeating.
- 2019
CryptoRiyal and SmartRiyal. Tokens were marketed with the riyal name and the national emblem by a Singapore-based company that claimed to be funding NEOM. On 21 August 2019 the Ministry of Finance warned against dealing in virtual currencies and said that using the Kingdom's name, currency or emblem to market such tokens would be subject to legal action.
- Feb 2025
"Official Saudi Arabia Memecoin (KSA)". A token created on 10 February 2025 on Pump.fun, a Solana meme-coin launcher, was promoted on 17 February through the hijacked X account of the Saudi Law Conference, impersonating the Crown Prince. The conference disavowed it, and the token's market value collapsed to roughly 7,500 dollars.
The same logic applies to any "NEOM coin", "Vision 2030 token", "Riyal Chain" or "KSA coin": unofficial by definition. Scammers use the national brand because it lowers your guard. A token launcherPump.funA Solana site where anyone can create a meme token in minutes. It is often used for impersonation tokens. can produce a coin with any name and any logo in minutes, and appearing on a decentralised exchange or price tracker proves nothing about who stands behind it. Our scams guide covers related tricks, including fake royal endorsements and "halal investment" groups.
The "stc coin" search myth
"عملة stc الرقمية" ("stc's digital coin") is a recurring Arabic search, and it rests on a misunderstanding. stc has never issued a cryptocurrency or token. What it has is stc pay, a wallet that became stc bank, a digital bank supervised by SAMA after a Council of Ministers decision in June 2021. Its terms contain no crypto clause and it does not sell crypto. stc pay appears on some exchanges only as a P2P payment method for riyals, meaning you can pay a P2P seller with it when buying USDT. That makes it a payment rail, not a coin; see our STC Pay guide. Anyone selling an "stc token" is using the brand without permission.
How to verify any "Saudi" token claim
- Go to the official source yourself
Type sama.gov.sa, cma.gov.sa or mof.gov.sa into the browser. Do not follow a link from the post. A real state digital-currency project would be announced in their news sections.
- Ask whether it is retail
Every official project so far (Aber, mBridge) was wholesale and never sold to the public. A "presale", "whitelist" or "airdrop" for individuals is a red flag.
- Check the account that announced it
Hijacked verified accounts were used in the 2025 memecoin case. One post, even from a real-looking account, is not confirmation.
- Look up the contract, not the name
Anyone can name a token "Saudi Riyal". If no regulator names an issuer and a contract address, there is no official token.
- Never pay to "reserve" or "verify"
No government programme asks you to send crypto, share a seed phrase or connect a wallet. Report impersonation through official channels.
What a riyal stablecoin would mean, if it ever launches
Because the riyal has been pegged at 3.75 per US dollar since 1986, Saudis who want a stable digital unit already use dollar stablecoins: one USDT is roughly 3.75 riyals, plus a small P2P premium. A regulated riyal stablecoin issued under SAMA or CMA rules could remove that conversion step and, in principle, let licensed institutions offer on- and off-ramps directly in riyals, something no bank in the Kingdom does today. It would also bring the reserve disclosures and redemption rights that offshore tokens cannot promise a Saudi user.
It would not be a cryptocurrency in the Bitcoin sense: it would be a regulated token whose value is meant to stay at one riyal, and it would not be an investment. Until it exists, the practical options are the ones on our USDT page and the top coins list, all offshore and all unregulated in the Kingdom. If you are interested in the bigger picture of Saudi digital-economy projects, the Vision 2030 and Web3 page separates real initiatives from rumours.
Frequently asked questions
Is there an official Saudi cryptocurrency?
No. Neither SAMA, the Ministry of Finance nor the CMA has issued a cryptocurrency, a retail digital riyal or a token you can buy. SAMA's digital-currency work has been wholesale only: the Aber pilot with the UAE (final report 2020) and the BIS mBridge platform (joined June 2024, proof of concept completed May 2025). Any coin sold to the public as "the Saudi coin" is unofficial.
What is the digital riyal?
There is no live digital riyal for the public. The term is used loosely for two different things: a central bank digital currency, which SAMA has tested only for bank-to-bank settlement in Aber and mBridge, and a privately issued riyal stablecoin, which officials said in November 2025 was being worked on with the CMA and SAMA. Neither exists as a product you can hold today.
Does stc have its own cryptocurrency?
No. "عملة stc الرقمية" is a common search, but stc has never issued a coin. stc pay became stc bank, a digital bank supervised by SAMA after a Council of Ministers decision in June 2021, and its terms contain no crypto clause. stc pay appears on some exchanges only as a P2P payment method for riyals, which is a different thing.
Will Saudi Arabia launch a riyal stablecoin?
Possibly. In November 2025 a Saudi minister said the government was working with the CMA and SAMA to launch regulated stablecoins. No rulebook, issuer, launch date or token has been published since. Until SAMA or the CMA publishes rules on its own website, treat any "riyal stablecoin" for sale as unofficial.
How can I check whether a "Saudi" token is real?
Look for the announcement on sama.gov.sa, cma.gov.sa or mof.gov.sa, not on X, Telegram or a token site. Official digital-currency projects so far have been announced there and have never been sold to the public. The Ministry of Finance warned in 2019 that using the Kingdom's name, currency or emblem to market tokens is subject to legal action.
Was the "KSA memecoin" endorsed by the Crown Prince?
No. In February 2025 a token called "Official Saudi Arabia Memecoin (KSA)" was created on Pump.fun on Solana and promoted through the hijacked X account of the Saudi Law Conference, impersonating the Crown Prince. The conference disavowed it and the token collapsed to a market value of about 7,500 dollars.
Sources and references
- SAMA — launch of the Aber digital currency project with the UAE Central Bank (January 2019)
- Gulf News — SAMA and CBUAE publish the Aber final report (November 2020)
- SAMA — SAMA joins the BIS mBridge project (5 June 2024)
- Cointelegraph — Saudi Arabia exits mBridge after completing its proof of concept (FT report)
- SAMA — Ministry of Finance warning on virtual currencies and misuse of the Kingdom's name (August 2019)
- Cointelegraph — Saudi Arabia warns of crypto scammers posing as government projects (2019)
- Unlock — Crown Prince impersonated to launch a fake memecoin (February 2025)
- MEA Tech Watch — Saudi plans for regulated stablecoins (November 2025)
- CMA — Standing Committee statement on virtual currencies (2018)
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