#AbuDhabiStablecoin Abu Dhabi is launching a dirham-backed stablecoin, a digital currency pegged to the value of the UAE dirham. This project is a collaboration between three of Abu Dhabi's largest institutions: ADQ, a sovereign wealth fund, International Holding Company (IHC), a conglomerate, and First Abu Dhabi Bank (FAB), the UAE's largest lender.

The stablecoin will operate on the ADI blockchain, a domestically developed technology, and will be regulated by the Central Bank of the UAE. Its primary purpose is to provide a trusted means of payment for citizens, businesses, and institutions, supporting transactions in various digital scenarios.

Recently, on June 5, 2024, the UAE Central Bank approved a new system for overseeing and licensing stablecoins, as part of the government’s financial infrastructure transformation (FIT) program. This initiative aims to enhance digital transactions, advance the country's digital economy, and foster innovation.