#AbuDhabiStablecoin Abu Dhabi has emerged as a leader in the development of UAE dirham-backed stablecoins, marking a significant step in the region's digital finance landscape. The first such stablecoin, AE Coin, was introduced by AED Stablecoin LLC and received in-principle approval from the Central Bank of the UAE in October 2024. AE Coin is fully backed by the UAE dirham and integrates with decentralized finance (DeFi) platforms, offering users secure and transparent transactions.

In August 2024, Tether, in collaboration with Abu Dhabi-based Phoenix Group PLC and supported by Green Acorn Investments Ltd, announced plans to launch another dirham-pegged stablecoin. This initiative aims to provide a stable, reliable, and secure digital currency, bridging the gap between traditional finance and the digital economy.

Additionally, Distributed Technologies Research (DTR) launched DRAM, a dirham-backed stablecoin, in October 2023. DRAM is an Ethereum ERC-20 token issued by Hong Kong-based Dram Trust and is listed on decentralized finance protocols like Uniswap and PancakeSwap. While not yet available in the UAE, DRAM aims to offer exposure to the UAE's stable currency for countries facing high inflation.

These developments underscore Abu Dhabi's commitment to becoming a global hub for digital assets, leveraging its regulatory framework and economic stability to foster innovation in the cryptocurrency space.