#AbuDhabiStablecoin Abu Dhabi's financial institutions have teamed up to launch a dirham-backed stablecoin, aiming to boost the UAE's digital infrastructure and global fintech leadership. Here's what's happening ¹ ²:

- *Partnership Details*:

- *Sovereign Wealth Fund ADQ*: Collaborating with International Holding Company (IHC) and First Abu Dhabi Bank (FAB) to develop the stablecoin.

- *Regulatory Oversight*: The UAE's central bank will regulate the stablecoin.

- *Stablecoin Features*:

- *Dirham-Pegged*: Backed by the UAE dirham to maintain stability.

- *Advanced Applications*: Supports machine-to-machine transactions and artificial intelligence integration.

- *Blockchain Technology*: Operates on the ADI blockchain, developed by the ADI Foundation.

- *Goals and Implications*:

- *Digital Infrastructure*: Strengthening the UAE's digital financial infrastructure.

- *Global Fintech Leadership*: Positioning the UAE as a leader in global fintech innovation.

- *Diversifying Stablecoin Landscape*: Potential to establish the UAE as a hub for blockchain innovation and diversify the global stablecoin market.

This development is part of the UAE's broader strategy to cement itself as a global hub for digital assets, following earlier moves like enabling crypto payments and introducing digital asset regulations ¹.