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The United Arab Emirates is taking a new step in its ambitions to become a global cryptocurrency hub. The Abu Dhabi sovereign wealth fund ADQ, the conglomerate International Holding Company (IHC), and First Abu Dhabi Bank (FAB) announced their collaboration on Monday to create a Dirham-backed stablecoin that is fully regulated by the Central Bank of the Emirates.
A new national stablecoin that will revolutionize payments
On Monday, April 28, three financial heavyweights from the Emirates officially announced a joint stablecoin project backed by the Dirham.
The ADQ sovereign wealth fund, the IHC conglomerate, and First Abu Dhabi Bank, the country's largest bank by assets, presented their ambitions to revolutionize digital payments in the region.
This new stablecoin will be issued by FAB pending approval from the Central Bank of the United Arab Emirates.
According to Hanaa Al Rostamani, the CEO of FAB Group, this initiative "represents a step towards transformation and will revolutionize how consumers and businesses interact with reliable blockchain-based payments in the United Arab Emirates."
The technology will rely on the ADI blockchain developed by the ADI fund, which has already partnered with over 20 governments to expand its relevant network.
Targeted applications go beyond simple payments and will include everyday consumer transactions as well as processes based on artificial intelligence.
This initiative is part of a broader approach by the United Arab Emirates to assert itself as a global crypto center.
The country has quickly advanced its digital currency strategy, launching the 'Digital Dirham' initiative in March 2023 and implementing specific rules for stablecoins.
This is not the country's first foray into this area. In fact, in December of last year, AE Coin became the first regulated digital currency approved in the United Arab Emirates.
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