Zand Launches UAE’s Second Regulated Dirham-Backed Stablecoin

Zand has become the second digital bank in the UAE to issue a regulated dirham-backed stablecoin, following Mbank's AE Coin launch nearly a year ago. The Zand AED stablecoin is designed to integrate the AED Dirham into global digital finance, combining banking regulation with blockchain efficiency.

Fully backed by one-to-one AED reserves in segregated accounts, Zand AED guarantees full redemption value. The stablecoin offers real-time transparency through audited smart contracts and reserve attestations. It operates across multiple public blockchains, facilitating fast cross-border settlements and developer integration.

Issued through Zand Trust—a subsidiary of central bank-regulated Zand Bank PJSC—this initiative marks a strategic MOVE in the UAE's financial innovation landscape. "This carries our national currency into the digital future," stated Mohamed Alabbar, Chairman of Zand. CEO Michael Chan emphasized its role beyond being a stablecoin, positioning it as a bridge between traditional finance and decentralized systems.