#AbuDhabiStablecoin
Institutional giants of Abu Dhabi unite for dirham stablecoin!
If approved by the regulators of the United Arab Emirates, the dirham-indexed stablecoin regulated by the central bank will operate on the ADI blockchain.
Three major institutions from Abu Dhabi, including the emirate's sovereign fund, have joined forces to launch a new stablecoin pegged to the dirham.
Abu Dhabi's sovereign fund, ADQ, the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), and the massive conglomerate International Holding Company, have partnered to launch the stablecoin, pending regulatory approval, the three companies said on April 28.
The trio stated that the stablecoin would be regulated by the central bank of the United Arab Emirates and backed by the country's currency, the dirham.
It will also support use cases such as machine-to-machine communication and artificial intelligence.