#AbuDhabiStablecoin Abu Dhabi unveils its dirham-backed stablecoin…

On April 28, the sovereign fund ADQ, First Abu Dhabi Bank (FAB), and International Holding Company (IHC) announced the launch of a dirham-backed stablecoin, the national currency of the United Arab Emirates.

According to this statement, this new stablecoin will be regulated by the Central Bank of the United Arab Emirates and backed by the dirham. In practice, it will enable cross-border payments, as well as machine-to-machine payments and transactions related to artificial intelligence.

This stablecoin will be issued on the ADI blockchain, developed by the ADI Foundation. For reference, the ADI Foundation is a non-profit organization that helps financial systems and governments adopt blockchain technology.

Finally, on the regulatory side, this new stablecoin is still awaiting approval from the relevant authorities before being launched.