Zand Bank Gets CBUAE Approval to Launch Dirham‑Backed Multi‑Chain Stablecoin
Zand Bank said it has secured approval from the Central Bank of the UAE (CBUAE) to introduce a dirham‑backed, multi‑chain stablecoin. The token will be pegged to the UAE dirham and designed to work across several blockchain networks, enabling faster on‑chain transfers and interoperability between platforms. Zand has not yet disclosed a public launch date or detailed technical specifications.
Regulatory sign‑off from the CBUAE is significant because it signals a continued push by UAE authorities to foster compliant digital asset infrastructure. A licensed dirham stablecoin could help corporates, payment providers and remittance services reduce settlement friction, while offering a regulated on‑ramp for DeFi and tokenized asset use cases. Market observers will watch for operational details, custody arrangements and AML controls when Zand releases more information.