Market News

UAE Amplifies Digital Asset Landscape with Ripple's Innovative Partnership

Ripple has forged a strategic partnership with Zand, an AI-driven digital bank in the United Arab Emirates, aiming to boost the region's digital asset infrastructure.

This collaboration marks an extension of their previous payments partnership, focusing on integrating Zand's UAE dirham-backed stablecoin, AEDZ, with Ripple's US dollar stablecoin, RLUSD.

The initiative aims to create efficient cross-border transaction systems that enhance speed, reduce costs, and increase transparency for local businesses.

Ripple's managing director for the Middle East, Reece Merrick, stated that this partnership explores solutions such as liquidity provisions between RLUSD and AEDZ.

Both companies are committed to ensuring compliance and risk management controls in deploying their technologies through the XRP Ledger (XRPL).

Zand's CEO, Michael Chan, emphasized that stablecoins and blockchain technology are essential for the evolution of traditional financial systems to operate on-chain.

Ripple's involvement illustrates its commitment to facilitating the UAE’s thriving digital economy and promoting financial inclusion.

This partnership highlights the UAE's broader mission to cultivate a favorable environment for digital assets and blockchain innovation.

As developments unfold, this alliance may offer a blueprint for other nations pursuing blockchain solutions within their financial frameworks.

Such advancements in stablecoin use could significantly transform how businesses engage with financial systems in the UAE and beyond.