$BTC #AbuDhabiStablecoin Abu Dhabi Launches a 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 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.

- *Uses of the Coin*: The stablecoin aims to support various applications, including automated machine-to-machine transactions, artificial intelligence, and everyday digital payments.

Benefits and Impact

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

- *Financial Inclusion*: The stablecoin could enhance financial inclusion and accessibility, particularly in high-traffic money transfer channels.