ADQ, International Holding Company, and First Abu Dhabi Bank intend to launch a new stablecoin
The currency will be supported by the UAE Dirham 🇦🇪
ADQ, a sovereign wealth fund affiliated with the Government of Abu Dhabi, along with International Holding Company and First Abu Dhabi Bank, the largest bank in the UAE by assets, announced on Monday their intention to launch a new stablecoin supported by the dirham as part of the UAE's efforts to enhance its investments in digital currencies.🤑
The three institutions announced in a statement that the stablecoin will be fully subject to the regulatory rules of the Central Bank of the UAE.
The stable digital currency is designed to enable payment processes worldwide, ensure ease of identity use, comply with regulatory frameworks, and conduct payments securely with a high degree of reliability and efficiency.
The stable digital currency will be adopted as a reliable means of payment for a wide range of daily uses, whether by individuals, companies, or institutions, and will also support new and advanced digital uses, such as machine-to-machine (M2M) transactions and artificial intelligence technologies.
The new currency relies on the blockchain network of the "ADI" Foundation, an advanced technology developed in the United Arab Emirates to provide a distribution network compatible with financial systems to facilitate payments through blockchain technology. It is noteworthy that the "ADI" Foundation is working to connect traditional financial systems with modern blockchain technologies aiming to create a practical and effective impact, seeking to empower citizens of emerging countries to compete, participate, and contribute to the global economy. To this end, the foundation has established several strategic partnerships with governments in over 20 countries.