#AbuDhabiStablecoin Abu Dhabi is making significant strides in the stablecoin space with a new initiative to launch a dirham-backed stablecoin. Here's what's happening ¹ ²:

- *Partnership*: ADQ, a sovereign wealth fund, First Abu Dhabi Bank (FAB), and International Holding Company (IHC) have partnered to launch the stablecoin, pending regulatory approval from the Central Bank of the UAE.

- *Blockchain*: The stablecoin will operate on the ADI blockchain, developed by a non-profit organization in Abu Dhabi, ensuring security and transparency.

- *Use Cases*: The stablecoin aims to support various transactions, including machine-to-machine and artificial intelligence, and will be promoted as a digital currency for citizens, consumers, businesses, and institutions.

- *Regulation*: The UAE Central Bank will regulate the stablecoin, ensuring it meets legal standards and providing a secure and efficient payment solution.

- *Impact*: This initiative is expected to boost the UAE's digital economy, establish it as an early adopter of stablecoins, and create new opportunities for growth and value creation.

In related news, Circle, the issuer of the USDC stablecoin, has received in-principle approval from Abu Dhabi regulators to operate as a money services provider. This move brings Circle closer to obtaining a full financial services license and expanding its stablecoin services in the UAE ³ ⁴.

*Key Players:*

- *ADQ*: Abu Dhabi's sovereign wealth fund

- *FAB*: First Abu Dhabi Bank, the UAE's largest bank

- *IHC*: International Holding Company, a major investment firm

- *Circle*: USDC stablecoin issuer

- *ADI Foundation*: Non-profit organization developing the ADI blockchain

*Potential Benefits:*

- *Digital Payments*: Faster and more efficient transactions

- *Blockchain Innovation*: Positions the UAE at the forefront of global blockchain innovation

- *Economic Growth*: Creates new opportunities for growth and value creation ²