Market News

UAE Drives Blockchain Innovation with Ripple's Stablecoin Partnership

Zand, an AI-powered digital bank in the UAE, has joined forces with Ripple to enhance the use of stablecoins in the region.

This strategic partnership focuses on integrating Zand's UAE dirham-backed stablecoin (AEDZ) with Ripple's US dollar-backed stablecoin (RLUSD).

The goal is to streamline cross-border transactions, making them faster, cheaper, and more transparent for local businesses.

RLUSD will be supported on Zand's regulated digital asset platform, further facilitating smoother transactions between AEDZ and RLUSD.

Both stablecoins are fully backed by reserves; AEDZ is backed 1:1 by UAE dirham reserves, while RLUSD is supported by US dollar deposits and other secure assets.

This collaboration underscores the UAE's commitment to digital economic growth, adopting advanced financial technologies.

Zand's CEO highlighted the potential of stablecoins and blockchain to reduce friction in the financial system.

Ripple’s involvement showcases its dedication to supporting the UAE's pioneering digital economy and increasing financial inclusion.

As the partnership develops, it may serve as a model for other countries looking to implement blockchain solutions in their financial ecosystems.

The advancements in blockchain technology and stablecoin integration could revolutionize the way businesses operate in the region.