UAE’s Zand Stablecoin Strengthens Digital Dirham’s Position in the International Fintech Arena
- UAE's Zand Bank launches Zand AED, a dirham-backed stablecoin fully reserved and regulated, becoming the second digital bank in the nation to offer such a product after Mbank's 2024 AE Coin. - The stablecoin's launch coincides with UAE's first government transaction using Digital Dirham CBDC, completed in under two minutes between Ministry of Finance and Dubai Department of Finance. - Zand AED operates under UAE Central Bank's strict regulatory framework requiring 100% high-quality asset backing and real
Zand Bank in the UAE has obtained regulatory clearance to introduce a stablecoin backed by the dirham, representing a notable advancement in the country's efforts to incorporate digital currencies into its financial system. The stablecoin, called Zand AED, is entirely supported by AED reserves on a one-to-one basis, held in separate, regulated accounts and
The release of the stablecoin aligns with the UAE's wider ambitions in digital finance. Just a few days earlier, the nation completed its inaugural government transaction using the Digital Dirham, its central bank digital currency (CBDC), through the mBridge platform
The introduction of Zand AED is in line with the UAE's commitment to clear regulations for digital assets.
The government's adoption of the Digital Dirham highlights its significance as a foundational element in the UAE's digital economy. The Central Bank of the UAE's FIT Programme, which underpins this effort, is designed to accelerate digital payments across both public and private sectors.
The launches of Zand AED and the Digital Dirham pilot illustrate a dual strategy: utilizing blockchain for efficient cross-border transactions while maintaining strong regulatory controls. With Tether's absence and the rapid expansion of digital asset markets, the UAE's clear regulatory environment may encourage more institutional participation, positioning the country as a leader in next-generation financial infrastructure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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