$UAE Set to Launch National Crypto Stablecoin.
Launch of AE coin part of broader digital currency strategy aims at enhancing retail payment, bolster economy.
The UAE is poised to transform its financial landscape with the anticipated launch of AE Coin, its first national stablecoin, following regulatory approval dating back to December 2024.
The move is part of a broader digital currency strategy aimed at enhancing retail payments and bolstering the country’s position as a global financial hub.
The UAE Central Bank initiated its digital currency strategy, "Digital Dirham," in March 2023, introducing regulatory frameworks for stablecoins.
In a bid to strengthen this strategy, the Central Bank unveiled a new digital dirham symbol and a clear operational framework for cryptocurrencies, including stablecoins, designed to boost adoption.
Stablecoins, cryptocurrencies pegged to a stable asset like the US dollar, offer a less volatile alternative to traditional cryptocurrencies.
They are expected to simplify financial transactions and lower barriers for residents, especially migrant workers and small businesses, enabling low-cost, instantaneous transfers.