Zand and Ripple Form Strategic Partnership to Promote UAE Stablecoin and Digital Economy Development

Odaily News: UAE digital bank Zand has announced a strategic partnership with Ripple, aiming to drive the region's digital economy through stablecoins and blockchain solutions. The collaboration will focus on innovative initiatives around Zand's Dirham stablecoin (AEDZ) and Ripple's US Dollar stablecoin (RLUSD).

According to the cooperation agreement, the two parties will explore supporting RLUSD within Zand's regulated digital asset custody services and investigate direct liquidity solutions between AEDZ and RLUSD. Furthermore, they plan to issue AEDZ on the XRP Ledger (XRPL). Zand CEO Michael Chan stated that leveraging stablecoin and tokenization technologies can unlock new use cases for bringing traditional finance on-chain. AEDZ is the UAE's first regulated multi-chain AED-collateralized stablecoin, backed 1:1 by Dirham reserves. This partnership aims to support the UAE in achieving its goal of doubling the digital economy's contribution by 2032. (The Fintech Times)