#AbuDhabiStablecoin Three major entities in Abu Dhabi, including the sovereign wealth fund, plan to launch a stablecoin that is fully regulated by the Central Bank of the United Arab Emirates and backed by the dirham. This move could accelerate the Gulf country's efforts to adopt digital currencies and streamline payments.

The sovereign wealth fund ADQ, the largest lender in the UAE First Abu Dhabi Bank (FAB), and the diversified conglomerate International Holding will become founding partners of the new stablecoin, the creation of which is subject to regulatory approval.

"This stablecoin will be used as a reliable digital currency in a wide range of everyday scenarios," the statement released on Monday (April 28) said. "It will also support new digital use cases such as machine-to-machine interaction and artificial intelligence."