🚨🚨🚨🚨 Crypto: Abu Dhabi unveils dirham-backed stablecoin project
Three Abu Dhabi institutional giants are joining forces to launch a dirham-backed stablecoin.
The United Arab Emirates could soon take a decisive step in integrating blockchain into its financial system. Three Abu Dhabi institutional giants have announced a dirham-backed stablecoin project. This initiative, pending regulatory approval, could strengthen the region's monetary autonomy in the face of the dominance of dollar-denominated stablecoins.
A Strategic Alliance for a Dirham-Denominated Stablecoin
On April 28, three of Abu Dhabi's most influential entities announced their partnership to create a stablecoin backed by the UAE dirham. These entities are the sovereign wealth fund ADQ, First Abu Dhabi Bank (FAB), the country's largest bank, and the conglomerate International Holding Company (IHC), valued at over $243 billion.
In a joint statement, the partners specified that the stablecoin will be "regulated by the Central Bank of the UAE" and fully "backed by the dirham." Its implementation remains subject to regulatory approval. According to ADQ, the goal is to position the Emirates at the "forefront of global blockchain innovation" while consolidating its digital infrastructure. The token is expected to enable innovative applications, particularly in automated machine-to-machine exchanges and artificial intelligence.
Vugar Usi Zade, COO of Bitget, welcomes this move. "The launch by ADQ and FAB Abu Dhabi of the first stablecoin backed by the UAE dirham is a visionary step to boost cryptocurrency adoption in the region," he said.
A sovereign blockchain network serving an influence strategy
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