#AbuDhabiStablecoin First Abu Dhabi Bank (FAB), the UAE's biggest lender by assets, has teamed up with UAE sovereign wealth fund ADQ and holding company IHC to launch a dirham-backed stablecoin.

The stablecoin will be used as a digital currency by consumers, businesses and institutions - subject to regulatory approvals. It will be issued by FAB and fully regulated by the Central Bank of the UAE, the three entities said on Monday.