#StablecoinPayments

#StablecoinPayments

Three major Abu Dhabi entities are joining forces to launch a dirham-backed stablecoin, aiming to transform the way transactions are handled across the UAE.

First Abu Dhabi Bank (FAB), the country’s largest bank by assets, has partnered with the sovereign wealth fund ADQ and the holding company IHC to develop this digital currency.

Pending approval from UAE regulators, the stablecoin is expected to streamline payments for both consumers and businesses, supporting the nation's broader goal of becoming a global hub for fintech and digital innovation.

“This stablecoin launch represents a significant milestone in advancing the UAE’s digital infrastructure,” said Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ.