UAE Digital Bank Zand Adds USDC Support, Plans Dirham-Pegged Stablecoin
Zand Bank, a digital bank in the UAE, has announced its support for USDC payments, marking a significant step towards building stablecoin-based financial services. This move aligns with the UAE's efforts to become a global hub for digital finance, particularly in regulated stablecoins.
The integration of USDC enables Zand customers to hold and transact in a major dollar-pegged stablecoin without leaving the bank's ecosystem. This development is particularly relevant for businesses engaged in international trade, remittances, and treasury operations, where stablecoins offer faster settlement and lower costs compared to traditional banking rails.
Zand also plans to introduce AEDZ, a stablecoin pegged to the UAE dirham, aiming to streamline global payments for businesses and individuals in the region. The bank has not yet announced a specific launch date for AEDZ or detailed its underlying reserve mechanism.