#AbuDhabiStablecoin

Abu Dhabi has announced the launch of a new stablecoin project backed by the Emirati dirham, in collaboration between three major institutions: the sovereign wealth fund ADQ, First Abu Dhabi Bank (FAB), and the holding company IHC. This initiative aims to enhance the digital infrastructure of the UAE and expand the uses of blockchain in daily and commercial transactions.

The stablecoin, which will be known as "AE Coin," will be pegged at a 1:1 ratio to the Emirati dirham and will be fully backed by the UAE Central Bank, ensuring its stability and wide acceptance. This currency will be used in a variety of applications, including machine-to-machine transactions, artificial intelligence, and digital payments.

This step is expected to bring about a significant transformation in the digital financial system of the UAE and strengthen its position as a global center for innovation in digital currencies and financial technology.