#AbuDhabiStablecoin The dirham is becoming digital, and it's not just a promise

Hey, everyone! Let's chat about what's happening in Abu Dhabi. If you think stablecoin is just talk about digital dollars, check this out: they're launching a stablecoin backed by the dirham of the United Arab Emirates (AED).

Tether has announced that it will launch a stablecoin tied to the dirham, with reserves fully based in the Emirates. The idea is to provide an alternative to the dollar, especially with the growth of global trade involving the AED. The launch is expected in the coming months, pending approval from the Central Bank of the Emirates.

But it doesn't stop there. The First Abu Dhabi Bank is also leading an initiative to launch a regulated stablecoin, backed by the central bank itself.

And to top it off, the FSRA of the Abu Dhabi Global Market (ADGM) has created a new regulatory framework for the so-called "Fiat-Referenced Tokens" (FRTs). This includes requirements for net reserves, independent audits, and the right to redeem at face value.

In summary: Abu Dhabi is positioning itself as a global hub for stablecoins, with infrastructure, regulation, and heavyweight players. If you're keeping an eye on the future of digital finance, it's good to pay attention to what's happening over there.