#AbuDhabiStablecoin

Abu Dhabi has just announced plans to launch a new stablecoin backed by the United Arab Emirates dirham (AED). This initiative is led by three major institutions: 

• ADQ (Abu Dhabi Sovereign Wealth Fund)

• First Abu Dhabi Bank (FAB), the largest bank in the UAE

• International Holding Company (IHC), one of the largest conglomerates in the region   

This stablecoin will be fully regulated by the UAE Central Bank and will be issued by FAB, subject to regulatory approval. The goal is to accelerate the adoption of digital currency in the Persian Gulf region and facilitate digital payments.