Three giants from Abu Dhabi plan a stablecoin backed by the currency of the United Arab Emirates.
If approved by the regulators of the United Arab Emirates, the new digital currency promises to modernize transactions between consumers and businesses.
The First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates by assets, has joined forces with the UAE sovereign fund ADQ and the holding company IHC to launch a dirham-backed stablecoin.
This move is part of a strategy to enhance the digital economy of the UAE and modernize financial transactions. It is aligned 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 strengthening the UAE's digital infrastructure ecosystem," said Mohamed Hassan Alsuwaidi, Executive Director and CEO of the ADQ Group.