AED stablecoin: Zand AED (AEDZ), its issuer, reserves and redemption
Zand AED (AEDZ) is an AED-backed stablecoin pegged 1:1 to the UAE dirham and issued by Zand Trust, a wholly owned subsidiary of Zand Bank PJSC, following Central Bank of the UAE approval announced on ; on AED 806.3M was in circulation against AED 806.4M of reserves.
Risk warning. Virtual Assets may lose their value in full or in part, and are subject to extreme volatility. The investor can lose all the money or other value they invest, and does not benefit from any form of financial protection. Stablecoin and virtual asset risk disclosure
Zand AED at a glance
- Issuer
- Zand Trust
- Parent company
- Zand Bank PJSC, which is not the issuer
- Regulator
- Central Bank of the UAE, Payment Token Services Regulation
- Licence reference
- to be confirmed
- Peg
- 1 AEDZ = 1 AED
- Reserve assets
- Cash and UAE Monetary Bills
- Attestation
- Monthly, by Crowe LLC
- Networks
- Ethereum, Solana
- Redemption
- 1:1 for AED
- Paid to holders
- No interest, no yield
- Last reviewed
Who issues Zand AED and who regulates it
Zand Trust issues Zand AED and redeems it for dirhams. Zand Trust is a wholly owned subsidiary of Zand Bank PJSC. The bank is the parent company and runs ZandMint, the ramp between bank money and stablecoins. The bank is not the issuer.
In law, Zand AED is a claim on its issuer, Zand Trust, backed one-to-one by AED reserves held in segregated accounts.
The Central Bank of the UAE approved the launch of Zand AED, according to a Zand Bank release dated . The Zand Trust site carries the line "Regulated by the Central Bank of the UAE" and says the licence falls under the Payment Token Services Regulation (Circular No. 2/2024). That regulation requires an issuer to show its licence reference number on its website. No reference number was found on zand.ae or zandtrust.com on 6 October 2026.
| Role | Party | Note |
|---|---|---|
| Issuer | Zand Trust | Wholly owned subsidiary of Zand Bank PJSC |
| Parent and ramp | Zand Bank PJSC | Runs ZandMint. Not the issuer |
| Regulator of the issuer | Central Bank of the UAE | Under the Payment Token Services Regulation |
| Reserve custodian | to be confirmed | Reserves sit in segregated accounts |
| White paper | to be confirmed | Link, date and version |
| Last reviewed | ||
Reserves and attestations
Zand Trust publishes the supply of Zand AED and the reserve behind it. This section repeats the figures with their date, says what the reserve holds and who attests to it, and points to the monthly reports on the Zand Trust transparency page.
Circulation and reserves on a stated date
On 6 October 2026 the transparency page showed AED 806.3M of Zand AED in circulation and AED 806.4M of reserves. At that rounding the reserve was the larger figure by AED 0.1M.
Both figures move every day as tokens are issued and redeemed. A reserve figure quoted without its date cannot be checked, so this page never prints one alone.
- In circulation
- AED 806.3M
- Reserves
- AED 806.4M
As at the token is fully backed: yes.
Upper bar: tokens in circulation. Lower bar: reserves. Source: Zand Trust transparency page. Figures change daily.
What the reserve holds
The transparency page charts the reserve in two categories, cash and UAE Monetary Bills. It says AEDZ is "fully backed with cash reserves and monetary bills for the benefit of its token holders". Zand Bank's launch release describes the reserves as held in segregated and regulated accounts.
The share of each category is not restated here until Zand Trust confirms it.
| Reserve asset | Share of reserve |
|---|---|
| Cash | to be confirmed |
| UAE Monetary Bills | to be confirmed |
| Last reviewed |
Who attests and how often
The Zand Trust site states that it has engaged Crowe LLC to carry out a monthly attestation of the token supply and the fiat reserves of AEDZ, and that it publishes a daily report of both. Zand Bank's own release refers to "independently audited smart contracts and reserve attestations" and names no firm.
The glossary gives the payment token and reserve attestation definitions used on this page.
- Firm
- Crowe LLC
- Cadence
- Monthly
- Subject
- Token supply and fiat reserves of AEDZ
- Issuer's own report
- Daily supply and reserve figures
- Checked on
Report archive
The transparency page lists one Audited Reserve Report for each month from February to September 2026. Read the report for the month you need at the source, on the reserve report list at zandtrust.com.
- Reports listed
- 8
- Months covered
- February, March, April, May, June, July, August and September 2026
- Format
- One PDF for each month
- Permanent links
- to be confirmed
No interest or time-based benefit
No interest, yield or time-based benefit is paid to holders of Zand AED, as the Payment Token Services Regulation requires.
The rule covers any benefit tied to how long a token is held. This page therefore shows no rate, and nothing on it is an offer of a return for holding Zand AED. The guide to how AED stablecoins work explains why dirham payment tokens are built this way.
- Interest
- None
- Yield
- None
- Benefit for holding longer
- None
- Rule
- Payment Token Services Regulation, Art 12(3)
How to obtain and redeem Zand AED
Zand AED reaches a client in one of two ways. Zand Trust issues new tokens against dirhams, or the client converts another stablecoin into AEDZ. ZandMint, Zand Bank's on-ramp and off-ramp, serves both. The steps below give the sequence in outline; ZandMint support, on Telegram and WhatsApp, confirms timing for each order.
Buying with AED through ZandMint
Become a client. Zand Trust lists the client types it serves: government institutions, financial institutions, banking institutions, corporate clients, VASPs, market makers and liquidity providers.
Pay in dirhams. The order is funded in AED through ZandMint.
Receive AEDZ. Zand Trust issues one AEDZ for each dirham to your wallet, on one of the networks listed further down this page.
Converting between AEDZ, USDT and USDC
ZandMint names three stablecoins: AEDZ, USDT and USDC. Its page says AEDZ converts to USDT and USDC. A release dated set out Zand's plan to support USDC. A conversion changes the issuer you rely on as well as the currency, because USDT and USDC are issued by other companies. This page states no conversion price.
Redeeming for AED
Place a redemption order. The transparency page states that "AEDZ is always redeemable 1:1 for Dirham AED".
Return the tokens. You send the AEDZ back from your wallet.
Receive dirhams. Zand Trust pays out one dirham for each AEDZ redeemed. The fees on a redemption order are in the table.
| Item | Charge |
|---|---|
| Buying AEDZ from Zand Trust1 | No fee |
| Redeeming: blockchain network fee2 | Paid by the client; the network sets the amount |
| Redeeming: second fee type3 | to be confirmed |
| Converting between AEDZ, USDT and USDC | to be confirmed |
| Last reviewed |
Notes to the statement
- The Zand Trust site states: "There are no fees charged for purchasing AEDZ from Zand Trust".
- The network fee, also called gas, goes to the blockchain network and not to Zand Trust.
- The Zand Trust site names two fee types for a redemption order. This page has only the network fee.
Networks and contract addresses
Zand AED is a multi-chain token on public blockchains. The table gives the networks and contract addresses read from the Zand Trust transparency page on 6 October 2026. Check an address against that page before you send or accept a transfer. A token with the same name at another address is not Zand AED.
| Network | Standard | Contract address | Decimals |
|---|---|---|---|
| Ethereum | ERC-20 | 0xFC347c996BD66C1d92E2045c80b413ef3fc84A90 | 6 |
| Solana | SPL | BMrgsEdrqfP4EAhiRbK5fFkq8xgQrqDAcZrv8R2pG4zG | 6 |
| XRP Ledger | Not issued | Exploration announced on | n/a |
| Last reviewed | |||
A release dated 10 February 2026 says Zand and Ripple will explore issuing AEDZ on the XRP Ledger. That is an exploration, and no XRP Ledger token is live. Zand Bank's launch release says the smart contracts were independently audited and names no auditor.
Controls over the infrastructure are described under security attestations covering digital asset infrastructure. Custody by Zand Bank is a separate service under a separate licence: digital asset custody for institutional investors.
What Zand AED is used for
Zand AED is a payment token. It moves dirham value between parties on a public blockchain, and three uses follow from the facts above. Whether a counterparty accepts AEDZ is that counterparty's decision.
ZandMint connects the token to bank money: dirhams held at a bank, for example in a business bank account in the UAE, on one side and AEDZ in a wallet on the other.
| Use | What happens |
|---|---|
| Settlement between onboarded businesses | The payer sends AEDZ to the payee's wallet. The payee keeps the tokens or redeems them for dirhams. |
| Treasury movements | A company moves dirham value between its own entities or wallets as AEDZ and converts it back to bank money through ZandMint. |
| On-ramp and off-ramp for virtual asset firms | A VASP, market maker or liquidity provider converts between AED and AEDZ, USDT or USDC through ZandMint. |
Zand AED compared with USD stablecoins and bank transfers
The table sets Zand AED beside the two things it is usually weighed against: a US dollar stablecoin and an ordinary dirham bank transfer. The last row lists the drawbacks of each.
| Criterion | Zand AED (AEDZ) | USD stablecoins such as USDT and USDC | AED bank transfer |
|---|---|---|---|
| Currency | UAE dirham only | US dollar | UAE dirham |
| Who you rely on | Zand Trust, the issuer | The issuer of each token | The bank that holds the account |
| Where it is accepted | Fewer venues and counterparties than USD tokens | More venues than a dirham token | Any account that receives dirhams |
| Getting in and out | Issue and redemption by Zand Trust, for onboarded clients | Through each issuer or a trading venue | Through your bank |
| Transfer cost | Network fee on each transfer; redemption fees | Network fee on each transfer | Bank charges on the fee schedule |
| Technical risk | Smart-contract and network risk | Smart-contract and network risk | Bank and payment-system risk |
| Drawbacks | Dirham only, fewer venues, onboarded clients only, network fees, smart-contract and network risk | A dirham business holds a US dollar asset and converts at each end | No settlement on a blockchain |
Which authority covers which token is set out in who regulates stablecoins in the UAE. The comparison with the Digital Dirham is in the guide to how AED stablecoins work.
Frequently asked questions
Six questions that treasury teams and analysts ask about this token. Short answers on backing and redemption are among the Zand AED questions in the FAQ.
Is Zand AED regulated?
Yes. Zand Trust, the issuer, is regulated by the Central Bank of the UAE, and Zand Bank announced the Central Bank's approval to launch the token in a release dated 17 November 2025. The Zand Trust site says the licence falls under the Payment Token Services Regulation (Circular No. 2/2024). No licence reference number was found on either site.
Who checks the reserves?
An external firm checks them each month. The Zand Trust site states that Crowe LLC carries out a monthly attestation of the token supply and the fiat reserves, and that Zand Trust publishes a daily report of both. Reports for February to September 2026 are listed on the Zand Trust transparency page. Zand Bank's own release names no firm.
Which blockchains does Zand AED run on?
Ethereum and Solana. The Zand Trust transparency page gives an ERC-20 contract on Ethereum and an SPL token on Solana, each with 6 decimals. A release dated 10 February 2026 says Zand and Ripple will explore issuing AEDZ on the XRP Ledger. That is an announced exploration, and this page does not list the XRP Ledger as a live network.
Who can buy Zand AED?
Organisations that Zand Trust has taken on as clients can buy it from the issuer. The Zand Trust site lists government institutions, financial institutions, banking institutions, corporate clients, VASPs, market makers and liquidity providers. The list names no individuals, and Zand Bank offers no personal banking product on this site. Ask the digital assets team which documents your organisation needs.
Is AEDZ the same token as Zand AED?
Yes. AEDZ is the ticker of Zand AED. Zand Bank's launch release uses the name Zand AED, the Zand Trust site and the ZandMint page use AEDZ, and both names refer to the one dirham token issued by Zand Trust. When you receive a token, check its contract address and not its name: another contract can copy a name or a ticker.
What is ZandMint?
ZandMint is Zand Bank's on-ramp and off-ramp between bank money and stablecoins. It converts fiat currency to AEDZ, USDT or USDC and back, and its page says AEDZ converts to USDT and USDC. Support runs through Telegram and WhatsApp. ZandMint is a service of Zand Bank PJSC, while the issuer of Zand AED is Zand Trust.
Regulatory disclosure
Zand AED (AEDZ) is issued by Zand Trust, a wholly owned subsidiary of Zand Bank PJSC. Zand Trust is regulated by the Central Bank of the UAE, and its site says the licence falls under the Payment Token Services Regulation (Circular No. 2/2024). The white paper for Zand AED is not yet linked from this page.
Zand Bank PJSC, the parent, is licensed by the Central Bank of the UAE as a bank and provides ZandMint. It is not the issuer of Zand AED. Its VARA licence no. VL/2024/12/001 covers Custody Services for Institutional Investors and Qualified Investors and does not cover the issue of a payment token.
Zand Trust decides who may buy Zand AED from it and redeem with it; the client types it lists are given above. Holders receive no interest and no time-based benefit. Nothing on this page describes a deposit protection or investor compensation scheme as applying to Zand AED.
This page is for information only. It is not investment, legal or tax advice. Read the stablecoin and virtual asset risk disclosure, the licences of Zand Bank and Zand Trust and the guide to how AED stablecoins work.
Talk to the digital assets team
Ask how an organisation becomes a client of Zand Trust and how a ZandMint order or a redemption works. Write to [email protected] or use the contact page.