Ripple Scores Major UAE Banking Partnership, But XRP Is Down 2%
Ripple has partnered with UAE digital bank Zand for stablecoin solutions, though that has not translated into a gain for XRP (CRYPTO: XRP), which is down 2% on the day.
The UAE Partnership
Zand and Ripple will work together on several initiatives, according to a press release published on Tuesday.
The partnership includes support for Ripple’s RLUSD (CRYPTO: RLUSD) stablecoin within Zand’s regulated digital asset custody and direct liquidity solutions between Zand’s AED stablecoin (AEDZ) and RLUSD.
Additionally, AEDZ will be issued on the XRP Ledger with compliance and risk controls.
AEDZ is the UAE’s first regulated AED-backed stablecoin on public blockchains, backed one-to-one by AED reserves held in segregated accounts.
RLUSD is backed by U.S. dollar deposits, short-term government bonds, and cash equivalents with monthly audits.
The timing aligns …
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