#AbuDhabiStablecoin

Three major institutions in Abu Dhabi, namely the Abu Dhabi Developmental Holding Company (ADQ), the International Holding Company (IHC), and First Abu Dhabi Bank (FAB), announced the launch of a new stablecoin backed by the UAE dirham. This stablecoin, which will be regulated by the Central Bank of the United Arab Emirates and issued by First Abu Dhabi Bank (subject to regulatory approvals), aims to facilitate payments and business both locally and globally, and enhance the UAE's position as a leading hub in the financial technology sector. The stablecoin will operate on the ADI blockchain, an advanced technology developed by the ADI Foundation in the UAE.