In a milestone for the digital economy of the United Arab Emirates (UAE), the Central Bank of the UAE (CBUAE) has approved Zand, a digital bank which uses artificial intelligence (AI), to launch Zand AED, the country’s first regulated, multi-chain AED-backed stablecoin on public blockchains.
Zand AED represents a new era for the Dirham by bringing the national currency into global digital rails backed by a regulated bank and using blockchain technology.
Zand AED is fully backed one-to-one by AED reserves that are held in segregated and regulated accounts, according to a media relese from the bank. The bank said that it is supported by “real-time transparency” through independently audited smart contracts and reserve attestations, and is available across multiple public blockchains, enabling fast borderless settlement and integration for developers, enterprises, and financial institutions, according to the media release.
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