Abu Dhabi's institutional giants, including ADQ (the Emirate's sovereign wealth fund), First Abu Dhabi Bank (FAB), and the International Holding Company (IHC), have partnered to launch a dirham-pegged stablecoin. This digital currency, regulated by the UAE's central bank, aims to strengthen the country's digital infrastructure and position the UAE as a global fintech leader.
*Key Features:*
- *Backing:* The stablecoin will be backed by the UAE dirham, ensuring stability and trust.
- *Regulation:* It will be regulated by the UAE's central bank, providing oversight and security.
- *Blockchain:* The stablecoin will operate on the ADI blockchain, developed by the ADI Foundation, a nonprofit organization dedicated to advancing blockchain adoption.
- *Use Cases:* It will support various use cases, including machine-to-machine transactions and artificial intelligence, opening doors to new applications beyond traditional finance.
*Goals and Benefits:*
- *Digital Economy Growth:* The stablecoin aims to drive growth in the UAE's digital economy and cement its status as a global fintech leader.
- *Secure Transactions:* It will provide a secure, efficient, and scalable solution for citizens, businesses, and institutions.
- *Innovation:* The partnership seeks to place the UAE at the forefront of blockchain innovation.
