$BTC A trio of important institutions from Abu Dhabi, including the emirate's sovereign fund, have joined forces to launch a new stablecoin linked to the dirham.
Abu Dhabi's sovereign fund ADQ, the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), and the enormous conglomerate International Holding Company, have partnered to launch the stablecoin, pending regulatory approval, the three companies stated on April 28.
The trio stated that the stablecoin would be regulated by the UAE central bank and backed by the country's currency, the dirham. It will also support use cases such as machine-to-machine and artificial intelligence.
