#AbuDhabiStablecoin Banks from Abu Dhabi, IHC, ADQ, and First Abu Dhabi Bank plan to launch a stablecoin backed by dirhams, which will be fully regulated by the Central Bank of the United Arab Emirates to simplify payment solutions.

The stablecoin will operate on the ADI blockchain and will be issued by FAB, the largest bank in the United Arab Emirates, subject to regulatory approval, as stated in a joint announcement on Monday.

The companies stated that this digital currency "will revolutionize the ease of making payments and doing business, both locally and globally."

They mentioned that it will be used by consumers, businesses, and institutions as a "reliable digital currency" and will also support emerging digital use cases, such as machine communication and artificial intelligence.

"The launch of the stablecoin represents a key step in our commitment to strengthen the digital infrastructure ecosystem of the United Arab Emirates," said Mohamed Alsuwaidi, CEO and General Director of the ADQ investment fund group in Abu Dhabi.

"As we move towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient, and scalable while creating new opportunities for growth and value creation."