Zand Bank, the UAE’s first fully licensed digital bank, is integrating Circle’s USDC stablecoin into its infrastructure alongside its own dirham-backed token AEDZ. This expansion enables clients to use dollar and dirham-pegged stablecoins across Ethereum and Polygon networks. Launched on November 17, 2025, AEDZ is the first multi-chain AED-backed stablecoin on public blockchains, with independently audited and segregated reserves. The bank achieved break-even in 22 months under CEO Michael Chan and holds a BBB+ investment-grade rating from Fitch.
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