In a significant milestone for the United Arab Emirates (UAE) digital economy, the Central Bank of the UAE (CBUAE) has approved Zand, a digital bank that uses artificial intelligence (AI), to launch Zand AED, the first regulated, multi-chain stablecoin backed by AED on public blockchains.
Zand AED represents a new era for the dirham by integrating the national currency into global digital rails backed by a regulated bank and using blockchain technology.
Zand AED is fully backed by AED reserves held in segregated and regulated accounts, according to a press release from the bank. The bank said it leverages “real-time transparency” through independently audited smart contracts and reserve attestations, and is available on multiple public blockchains, enabling rapid, borderless settlement and onboarding for developers, businesses and financial institutions, according to the press release.
¬ Haymarket Media Limited. All rights reserved.
