Ripple Expands RLUSD in Middle East With Zand Partnership
Ripple is expanding the reach of its RLUSD stablecoin in the Middle East through a new partnership with UAE-based digital bank Zand. The collaboration aims to use blockchain technology and stablecoins to make payments, settlements, and liquidity management faster, more efficient, and fully regulated.
Under this strategic partnership, Zand’s AED-backed stablecoin (AEDZ) will work alongside Ripple’s RLUSD to support on-chain finance and tokenization. The partnership reflects growing interest from regulated financial institutions in digital assets. It also highlights Ripple’s ongoing efforts to strengthen its footprint in institutional blockchain solutions.
How is Ripple Boosting Stablecoin Use in Middle East?
In the latest development within Ripple’s global expansion, the platform has partnered with Zand, a UAE-based digital bank powered by AI and blockchain. This alliance aims at strengthening the growth of the digital economy.
Notably, the collaboration uses both Ripple’s RLUSD and Zand’s AEDZ to offer innovative blockchain-based solutions for regulated finance. This move is built on the platforms’ earlier collaboration, with Ripple and Zand now exploring ways to integrate RLUSD into Zand’s regulated digital asset custody. The deal also intends to create direct liquidity solutions between AEDZ and RLUSD, and potentially issue AEDZ on the XRP Ledger.
It is worth noting that the development comes hot on the heels of Ripple’s expansion in Europe. CoinNewsSpan previously reported the news, where the blockchain platform attained a full EMI license from Luxembourg.
This partnership significantly underscores Ripple’s efforts to expand real-world use cases for stablecoins and blockchain technology. Ripple’s Managing Director, Reece Merrick, stated,
“Our expanded partnership with Zand underscores our commitment to the UAE’s pioneering digital economy. Our collaboration is a key step in our mission to provide the UAE with the most secure, transparent, and efficient blockchain-powered financial tools available today. We look forward to driving the adoption of stablecoins and tokenized assets in the region, creating a robust foundation for the next generation of financial services.”
Recently, as CoinNewsSpan reported, Ripple partnered with AWS to integrate Amazon Bedrock on the XRP Ledger (XRPL). The move is intended to enhance the platform’s operational efficiency.
By working together with AEDZ and RLUSD, Ripple and Zand aim to make it easier to conduct multi-currency transactions directly on the blockchain while staying fully regulated. Zand believes that the partnership is an important step in bringing real-world use cases of digital assets to life. Zand CEO Michael Chan noted,
“We believe that leveraging stablecoins, blockchain technology, and tokenization, can unlock powerful new use cases as traditional finance moves on-chain. Our partnership with Ripple represents a significant step forward in the growth of the digital asset ecosystem and has the potential to revolutionize how both governments and businesses engage with trusted blockchain solutions in the UAE.”
XRP Price Continues to Plummet
Despite Ripple’s expansion moves, its native token, XRP, is facing significant pressure amid the broader market downturn. As of press time, XRP is valued at $1.40, down by a marginal 0.15% in a day. Over the past week and month, the altcoin has seen more notable plummets of 12% and 33%, sparking widespread caution.
This cautious approach is evident in the reduced trading activity. As per CoinMarketCap data, the 24-hour volume has plunged by 17%, hitting $2.89 billion.
