UAE Digital Bank Zand Expands Stablecoin Infrastructure with USDC Support

Zand, an AI and blockchain-powered digital bank in the UAE, is expanding its stablecoin infrastructure capabilities by supporting USDC. This move aims to support various use cases such as payments, settlement, treasury operations, trading, and cross-border transactions.

The Zand Dirham stablecoin, backed 1:1 by Dirham reserves, will now be complemented by USDC, a fully-reserved payment stablecoin redeemable 1:1 for US dollars. This pairing is expected to facilitate seamless value transfer across digital financial ecosystems.

Zand's CEO Michael Chan emphasized the goal of 'tearing down walls between global markets' and reconnecting the world's money in real-time. He sees this move as a significant step towards bringing the UAE's digital economy vision to life.