#AbuDhabiStablecoin Abu Dhabi Sovereign Fund ADQ, conglomerate IHC, and First Abu Dhabi Bank (FAB), the largest creditor in the UAE by assets, announced on Monday plans to launch a new stablecoin backed by the UAE dirham. This move reflects the growing investments of the Gulf country in the cryptocurrency sector.

The three organizations confirmed that the proposed stablecoin will be fully regulated by the Central Bank of the UAE. This new digital currency, backed by the country's official currency, will provide a stable value in the volatile world of cryptocurrencies.

The announcement from ADQ, IHC, and FAB is part of a broader trend where financial institutions and governments worldwide are showing increasing interest in the potential of digital currencies. The UAE's decision to regulate this new stablecoin underscores the country's commitment to ensuring a safe and regulated environment for the use and trading of cryptocurrencies.