Ripple Forges Landmark Partnership with UAE Digital Bank Zand to Bolster Digital Asset Infrastructure
Ripple, a leader in enterprise blockchain and crypto solutions, has announced a significant strategic partnership with Zand, a UAE-based digital bank. This collaboration marks a crucial step in the United Arab Emirates' ambition to solidify its position as a regional hub for digital assets and blockchain innovation, accelerating the development of the nation's digital economy.
Expanding Digital Horizons with Stablecoins
The expanded partnership will see Ripple and Zand work together on a suite of initiatives centered around stablecoins. Key among these are Zand's UAE dirham-backed stablecoin, AEDZ, and Ripple's US dollar stablecoin, RLUSD. The core objective is to seamlessly integrate traditional financial services with on-chain systems, all within a robust and regulated framework. This strategic alignment, as highlighted by Reeve Collin, Ripple's managing director for the Middle East and Africa, builds upon a prior successful payments partnership between the two entities. The scope now extends to supporting RLUSD within Zand's regulated digital asset custody platform and establishing direct liquidity solutions between RLUSD and AEDZ.
Leveraging the XRP Ledger for Future Growth
A pivotal aspect of this collaboration involves exploring the feasibility of deploying AEDZ on the XRP Ledger (XRPL), alongside ensuring seamless liquidity between AEDZ and RLUSD. This move underscores the partners' commitment to advanced blockchain solutions. Both companies have affirmed that any deployment on the XRPL will strictly adhere to stringent compliance standards, robust monitoring tools, and comprehensive risk management controls. Michael Chan, CEO of Zand, emphasized the critical role of stablecoins, blockchain technology, and tokenization as foundational elements in the ongoing shift of traditional finance towards on-chain operations, recognizing this partnership as a significant milestone for the UAE's burgeoning digital asset ecosystem.
