$BTC #AbuDhabiStablecoin Abu Dhabi Launches Dirham-Backed Stablecoin

Abu Dhabi has announced the launch of a dirham-backed stablecoin as part of its efforts to enhance innovation in the blockchain space. Here are the details:

Stablecoin Details

- *Partnership*: A partnership has been announced between three key institutions in Abu Dhabi, namely ADQ (Abu Dhabi Sovereign Wealth Fund), First Abu Dhabi Bank (FAB), and International Holding Company (IHC), to launch the stablecoin.

- *Regulation*: The stablecoin will be regulated by the Central Bank of the UAE and will be backed by the UAE dirham, ensuring its stability and security.

- *Technology*: The stablecoin will operate on the ADI blockchain, developed by the ADI Foundation, a nonprofit organization dedicated to promoting the adoption of blockchain technology.

- *Use Cases*: The stablecoin aims to support various applications, including automated transactions between devices, artificial intelligence, and everyday digital payments.

Benefits and Impact

- *Enhancing Digital Infrastructure*: This launch enhances the digital infrastructure in Abu Dhabi and positions the UAE at the forefront of global innovation in blockchain.

- *Financial Inclusion*: The stablecoin could increase financial inclusion and accessibility, especially in high-traffic remittance channels.