Ripple Extends Its UAE Zand Partnership With Extensive RLUSD Usage: Details

Reece Merrick, Ripple’s top executive in charge of the Middle East and Africa regions, has revealed to the crypto community that the San Francisco-based giant is expanding its partnership with a UAE-based bank, Zand.

In the expanded collaboration, greater emphasis will be placed on RLUSD usage and Ripple’s support of Zand’s own stablecoin, AEDZ — Zand AED.

Ripple expands RLUSD usage through Zand

Reece Merrick reminded the community about an important partnership announced by Ripple last year in the UAE — the blockchain and payments giant partnered with a major local bank, Zand. Now, Merrick says, the two players intend to expand their collaboration, with a lot of attention paid to Ripple’s RLUSD in it.

One of the bulletpoints here says that it will help set up direct liquidity solutions for Zand’s own stablecoin, AEDZ, denominated in AED.

Merrick stated that Ripple and the UAE bank will enable support for RLUSD and AEZD. What’s more, AEDZ will begin to be issued on the XRP Ledger. There will be “a whole range of initiatives” relating to these two stablecoins, according to Ripple’s top executive.

Zand’s official X account also published a tweet on this topic, saying that Ripple and Zand are going to “help advance and support the digital economy” using innovative solutions based on AEDZ and RLUSD.

Zand’s tweet also said that the blockchain tech, stablecoins, as well as tokenization of assets, “can unlock powerful new use cases as traditional finance moves on-chain.” The banks expect the partnership with Ripple to result in vital advance on the global growth of the digital ecosystem.

116.6 million XRP moved between Binance and Kraken

Major on-chain tracker Whale Alert, which monitors large crypto transactions, has spotted a massive XRP transfer performed between two anonymous blockchain wallets. The amount transferred constituted 116,661,476 XRP valued at an impressive $165,955,281 at the time of the transaction.

However, a deeper look at the transaction’s details revealed that the 116,661,476 XRP were moved between subwallets that belong to two leading crypto exchanges — Binance and Kraken.

It could mean an OTC trade or liquidity rebalancing, data suggests. This move took place after the XRP price recovered from its 30% collapse faced within a single day last week and has been trading sideways since then.