Ripple UAE Zand Stablecoin to support each other’s stablecoin

UAE based Zand, an AI and blockchain-powered digital bank in , and Ripple, provider of blockchain-based enterprise solutions across traditional and digital finance, have partnered to power the Zand AED stablecoin (AEDZ) and Ripple’s USD (RLUSD) stablecoin to enable support for RLUSD within Zand’s regulated digital asset custody, the potential for direct liquidity solutions between AEDZ and RLUSD, and issuance of AEDZ on the XRP Ledger (XRPL), a public blockchain with appropriate compliance, monitoring, and risk controls.

AEDZ is the UAE’s first regulated multi-chain AED-backed stablecoin on public blockchains. It is fully backed one-to-one by AED reserves that are held in segregated and regulated accounts, with independently audited smart contracts and reserve attestations.

RLUSD is a trusted, enterprise-grade stablecoin, and is fully backed by high-quality reserves, including US dollar deposits, short-term US government bonds, and other cash equivalents, with monthly third-party attestations.

Zand CEO Michael Chan noted that leveraging stablecoins, blockchain, and tokenization can unlock powerful new use cases as traditional finance moves on-chain. He notes, “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.”

Reece Merrick, Managing Director, Middle East and Africa, at Ripple, added, “ We look forward to driving the adoption of stablecoins and tokenized assets in the region, creating a robust foundation for the next generation of financial services.”