Abu Dhabi is launching a dirham-backed stablecoin, developed by three major institutions:
- *ADQ*: Abu Dhabi's sovereign wealth fund
- *First Abu Dhabi Bank (FAB)*: The largest bank in the UAE, which will issue the stablecoin
- *International Holding Company (IHC)*: A massive conglomerate with a market value over $243 billion
Key Features
- *Backing*: The stablecoin will be fully backed by the UAE dirham and regulated by the UAE Central Bank.
- *Blockchain*: It will operate on the ADI blockchain, developed by the ADI Foundation.
- *Use Cases*: Designed for everyday transactions, machine-to-machine payments, and AI-driven transactions.
Goals
- *Digital Infrastructure*: Strengthen the UAE's digital infrastructure and position the country at the forefront of global fintech innovation.
- *Economic Diversification*: Contribute to economic diversification, financial inclusion, and competitiveness .
This development is part of the UAE's broader strategy to become a global hub for digital assets, following the launch of its first dirham-backed token, AE Coin, in December .
