#AbuDhabiStablecoin

Abu Dhabi organizations plan to issue a stablecoin backed by the dirham

Abu Dhabi's ADQ National Investment Fund, IHC Group, and First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE) by assets, announced on Monday their plan to issue a new stablecoin backed by the UAE dirham. This move indicates that the Gulf nation is increasing its investment in the cryptocurrency space.

These three organizations have confirmed that the proposed stablecoin will be fully regulated by the UAE central bank. This new digital currency, backed by the country's official currency, will provide stable value in the highly volatile cryptocurrency world.

The announcement from ADQ, IHC, and FAB is part of a larger trend as financial institutions and governments worldwide increasingly show interest in the potential of digital currencies. The UAE's decision to regulate this new stablecoin underscores the nation's commitment to providing a safe and regulated environment for the use and trading of cryptocurrencies.