#AbuDhabiStablecoin

Abu Dhabi’s financial institutions, in collaboration with the Emirates’ Sovereign Wealth Fund, have announced the launch of a new stablecoin pegged to the UAE Dirham. This digital currency will be regulated by the UAE Central Bank and will facilitate machine-to-machine (M2M) transactions and AI-driven operations. Similar to how USDT and USDC function, the Dirham-backed stablecoin will follow comparable mechanics.

The goal is to integrate the stablecoin into global blockchain ecosystems, fostering innovation. The Abu Dhabi 1 Foundation will spearhead the development of the AD1 Blockchain, the underlying infrastructure for the Digital Dirham.

With an expected market capitalization potentially surpassing $243 billion, this initiative positions the UAE as a major player in the digital currency space. $USDC #AbuDhabiStablecoin