The sovereign wealth fund ADQ, the IHC conglomerate, and First Abu Dhabi Bank, the country’s largest bank by assets, unveiled their ambition to revolutionize digital payments in the region.

This new stablecoin will be issued by FAB, subject to regulatory approval from the Central Bank of the United Arab Emirates.

According to Hana Al Rostamani, CEO of the FAB group, this initiative “represents a transformative step and will revolutionize the way consumers and businesses interact with trusted blockchain payments in the United Arab Emirates.”

The technology will rely on the ADI blockchain, developed by the ADI Foundation which has already established partnerships with more than 20 governments to extend its compliant network.

The targeted applications go beyond simple payments and will include everyday consumer transactions as well as processes based on artificial intelligence. #AbuDhabiStablecoin