The International Holding Company and the Abu Dhabi Holding Company (ADQ) and First Abu Dhabi Bank announced joint plans to create a new stablecoin backed by the UAE dirham, fully subject to the supervision and regulation of the Central Bank of the United Arab Emirates.

The new currency is set to be issued by First Abu Dhabi Bank, the largest bank in the UAE, following the necessary regulatory approvals.

The new stablecoin will represent a pivotal turning point in facilitating payments and conducting business, both locally and globally, contributing to the UAE's leadership in the global blockchain innovation landscape as a leading global financial technology hub, and enhancing the country's digital infrastructure.