🚀Abu Dhabi launches a stablecoin backed by the dirham 🚀
A trio of institutional giants from Abu Dhabi - the sovereign fund ADQ, First Abu Dhabi Bank (FAB), and International Holding Company (IHC) - have announced their alliance to launch a new stablecoin regulated by the Central Bank of the United Arab Emirates and backed by the local currency, the dirham.
This stablecoin, which will operate on the ADI blockchain, aims to position the UAE as leaders in blockchain innovation, with applications that include machine-to-machine payments and artificial intelligence. The project is awaiting regulatory approval and represents a key step in the country's strategy to strengthen its digital infrastructure and on-chain economy.
At the same time, Circle, the issuer of the USDC stablecoin, received preliminary approval to operate in Abu Dhabi, reinforcing the stablecoin ecosystem in the region and boosting global adoption of digital finance.
This joint move marks a significant advancement for the regulated and secure adoption of cryptocurrencies in the Middle East, opening new opportunities for innovation and digital commerce.
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