In the UAE, the launch of a new stablecoin based on the dirham has been announced.

The sovereign wealth fund ADQ, the IHC holding, and the leading bank in the country, First Abu Dhabi Bank (FAB), have announced a joint initiative to create a new stablecoin tied to the national currency — the dirham.

According to the press release, the project will be overseen by the Central Bank of the United Arab Emirates and implemented through FAB.

The new stablecoin, based on the ADI blockchain platform, is intended for both everyday transactions and more complex digital interactions — including in the field of artificial intelligence and automated transactions between 'smart' devices.

Project coordinators emphasize that the launch of the new token will strengthen the digital financial ecosystem of the UAE and contribute to the country's transformation into one of the key global hubs in the fintech sector.