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Abu Dhabi Launches Stablecoin Backed by the UAE Dirham

Abu Dhabi has announced the launch of a stablecoin backed by the UAE dirham, as part of its efforts to enhance innovation in the blockchain sector. Here are the details:

Stablecoin Details

- *Partnership*: The partnership was announced between three key institutions in Abu Dhabi, namely ADQ (Sovereign Wealth Fund), First Abu Dhabi Bank (FAB), and International Holding Company (IHC), to launch the stablecoin.

- *Regulation*: The stablecoin will be regulated by the UAE Central Bank and will be backed by the UAE dirham, ensuring its stability and security.

- *Technology*: The stablecoin will operate on the ADI blockchain, developed by the ADI Foundation, a non-profit organization dedicated to promoting the adoption of blockchain technology.

- *Uses of the Currency*: The stablecoin aims to support various applications, including automated transactions between devices, artificial intelligence, and everyday digital payments.

Benefits and Impact

- *Enhancing Digital Infrastructure*: This launch enhances the digital infrastructure in Abu Dhabi and positions the UAE at the forefront of global innovation in the blockchain field.

- *Financial Inclusion*: The stablecoin could increase financial inclusion and accessibility, especially in high-traffic financial transfer channels.