#AbuDhabiStablecoin

Launch Dirham-Backed Stablecoin.

(https://www.cryptotimes.io

#AbuDhabiStablecoin abu-dhabi-trio-to-launch-dirham-backed-stablecoin/)Abu Dhabi is advancing its digital finance initiatives with the planned launch of a new stablecoin pegged to the UAE dirham (AED). This initiative is a collaborative effort among three major institutions:

- *First Abu Dhabi Bank (FAB)*: The UAE's largest bank.

- *Abu Dhabi Developmental Holding Company (ADQ)*: The emirate's sovereign wealth fund.

- *International Holding Company (IHC)*: A prominent Abu Dhabi-based conglomerate.

The stablecoin is intended to be fully regulated by the Central Bank of the UAE (CBUAE) and will operate on the ADI blockchain, developed by the ADI Foundation to support advanced financial applications, including AI-driven and machine-to-machine transactions. [1]

This development aligns with the UAE's broader strategy to position itself as a global leader in blockchain innovation and digital finance. The introduction of a dirham-backed stablecoin is expected to enhance financial infrastructure and provide new opportunities within the digital economy. [1]

[29/04, 11:11 pm] ChatGPT Chat Gpt: In a related development, the DRAM stablecoin, also pegged to the UAE dirham, was launched in October 2023 by Distributed Technologies Research (DTR) and is available on decentralized finance platforms like Uniswap and PancakeSwap. [2]

These initiatives reflect the UAE's commitment to embracing digital assets and fostering innovation in the financial sector.