#AbudahabiStablecoin A trio of important institutions in Abu Dhabi, including the emirate's sovereign wealth fund, have come together to launch a new stablecoin linked to the dirham.
The Abu Dhabi sovereign wealth fund ADQ, the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), and the massive conglomerate International Holding Company have partnered to launch the stablecoin, pending regulatory approval, according to the three companies on April 28.
The trio stated that the stablecoin would be regulated by the UAE central bank and backed by the country's currency, the dirham. It will also support use cases such as machine-to-machine and artificial intelligence.