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This would make it easy to convert between USD and AED when making payments online or for online finance.
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Zand Bank has established itself as the leading licensed hub in the UAE for digital assets.
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The deal builds on an earlier collaboration between Ripple Bank and Zand Bank.
Ripple, the company that created the XRP Ledger(XRPL), announced a deeper collaboration with the UAE digital banking Zand Bank. The goal is to link Ripple’s stablecoin in dollars, RLUSD, and Zand Bank’s upcoming stablecoin in dirhams, AEDZ. Both will run on the XRP Ledger Network.
This connection would make it easy to convert between US dollars and UAE Dirhams when making payments or online finance.
Zand Bank is becoming a licensed hub in the UAE for digital assets, using a secure blockchain and storage services that are regulated and secure to support real-world applications for digital currency.
The deal builds on an earlier collaboration between Ripple, Zand Bank and Ripple’s plan to bring blockchain technology and stablecoins to regulated banks in the Middle East.
RLUSD and AEDZ
RLUSD is a stablecoin pegged to the US dollar, fully backed by USD deposits, government bonds on short terms, and cash-like assets. It is designed for banks and financial firms, with regular checks to ensure compliance and financial rules.
RLUSD has also been officially approved for use at important financial hubs such as Abu Dhabi Global Market (ADGM), and Dubai’s DIFC, which is a rare accomplishment for a stablecoin.
AEDZ, on the other hand is a planned token pegged to the dirham and held by Zand Bank. Its goal to make sending and accepting digital payments in the UAE, and nearby areas, stable and easy using the local currency.
Together, these stablecoins will create easy conversions between US Dollars and UAE Dirhams. This will help companies with international payment and other crypto-based financial needs.
Ripple’s recent upgrades to the custody platform (which include better hardware security and compliance features) makes it even more appealing to banks and companies that are looking for a secure and rules-compliant cryptocurrency solution.
The UAE, and its major financial centres, have been world leaders in bringing regulated digital assets and crypto into the traditional banking system. Ripple’s expanded relationship with Zand bank fits right in to this national effort to make money moving more efficient and modern, as well as getting banks to use blockchain technology.
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