A new stablecoin pegged to the dirham is being launched by three major Abu Dhabi institutions - ADQ, FAB, and IHC. The stablecoin, awaiting regulatory approval, will be backed by the UAE's central bank and support various use cases like machine-to-machine and artificial intelligence. The aim is to position the UAE as a leader in blockchain innovation and enhance digital infrastructure. If approved, the stablecoin will operate on the ADI blockchain, developed by the ADI Foundation. ADQ, focused on critical infrastructure, IHC, a prominent investment firm, and FAB, the largest bank in the UAE, are driving this initiative. Other countries are also exploring stablecoin projects. Despite challenges, stablecoin supply is expected to remain USD-dominated, with some countries considering their own digital currencies. Read more AI-generated news on: https://app.chaingpt.org/news

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