The Blockchain and Fintech firm Ripple and the UAE-based digital bank Zand have partnered to accelerate the region’s adoption of regulated stablecoin and other innovative solutions powered by Zand’s dirham-backed token and Ripple’s USD stablecoin.
According to the official statement released by Zand Bank on February 10, the partnership is focusing on Zand’s UAE dirham-backed token, AEDZ, which is being connected to Ripple’s US dollar stablecoin, RLUSD, and the issuance of AEDZ on the XRP Ledger, to make payments across borders faster, cheaper, and more open for companies in the UAE and surrounding regions.
Connecting AEDZ and RLUSD for Seamless Transfers
As both of the digital asset firms have earlier connections, they expanded now, and as part of the partnership, RLUSD would be supported within Zand’s regulated digital asset custody. With that, they are examining the direct liquidity connections between AEDZ and RLUSD to allow smoother transfers between dirham and U.S. dollars.
The first legal multi-chain AED-backed stablecoin on public blockchains in the United Arab Emirates is called AEDZ. It has independently audited smart contracts and reserve attestations, and it is fully backed by AED reserves maintained in segregated and regulated accounts, noted the statement.
As per the official statement, Zand CEO Michael Chan said, “Our partnership with Ripple represents a significant step forward in the growth of the digital asset ecosystem, and has the potential to revolutionize how both governments and businesses engage with trusted blockchain solutions in the UAE.”
Ripple’s Broader Strategic Initiatives
On February 9, Ripple issued an official press release detailing its broader strategic initiatives, including expanded institutional custody services with security, compliance, and staking capabilities with new partnerships, which are made specifically for institutional requirements for the improvement of institutional interest.
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