In the same news piece that announced Zand Bank’s license for crypto and digital assets custodial services, the CEO also announced that Zand Bank would be launching an AED backed stablecoin, following the footsteps of both AE Coin which recently received its license as well as Tether which also announced it would be launching an AED stablecoin.
Zand Bank hopes that the upcoming launch of its AED backed stablecoin will enhance their ability to integrate TradFi and DeFi.
Michael Chan, CEO of Zand, stated, “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”
The booming stablecoin market hit another milestone last week crossing the $200 billion total market value mark for the first time ever as demand accelerates and adoption expands for the assets. The asset class as a whole added $10 billion market value in only two weeks since it surpassed the 2022 bull cycle record of $190 billion, according to CCData and DefiLlama.
In the UAE after the Central Bank approved its Fiat Payment token regulation, companies such as Tether, AE Coin and now Zand Bank have either launched or will be launching their AED stablecoin.
