#StablecoinPayments
Three Giants of Abu Dhabi plan a Stablecoin backed by UAE Currency.
If approved by the United Arab Emirates regulators, 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 wealth fund ADQ and parent company IHC to launch a dirham-backed Stablecoin.
This move is part of a strategy to enhance the UAE's digital economy and modernize financial transactions. It aligns with the UAE's vision to establish itself as a hub for Fintech and innovation.
"The launch of the Stablecoin marks a significant step in our commitment to strengthen the UAE's digital infrastructure ecosystem," said Mohamed Hassan Alsuwaidi, CEO and Managing Director of the ADQ Group.