#StablecoinPayments Three giants of Abu Dhabi plan a Stablecoin backed by the UAE currency.
If approved by the regulators of the United Arab Emirates, the new digital currency is expected to modernize transactions between consumers and businesses.
First Abu Dhabi Bank (FAB), the largest lender in the UAE by assets, has partnered with the UAE sovereign fund ADQ and the parent company IHC to launch a Stablecoin backed by dirhams.
The move is part of a strategy to enhance the digital economy of the UAE and modernize financial transactions. It aligns with the UAE's vision to establish itself as a Fintech and innovation hub.
"The launch of the Stablecoin marks a crucial step in our commitment to strengthen the UAE's digital infrastructure ecosystem," said Mohamed Hassan Alsuwaidi, Director General and CEO of the ADQ Group.
