Three major institutions in Abu Dhabi ('ADQ', International Holding Company, and First Abu Dhabi Bank) are collaborating to launch a stablecoin backed by the UAE dirham and regulated by the central bank. This move aims to enhance digital payments and financial transfers through advanced blockchain technology, focusing on supporting the digital economy and applications of artificial intelligence. This project aims to establish the UAE as a global hub for digital assets and financial innovation.
The UAE recently launched its first stablecoin backed by the dirham, named 'AE Coin'. The UAE market also witnessed one of the largest investment deals in the cryptocurrency sector with the MGX group injecting $2 billion into Binance, one of the largest cryptocurrency exchanges.
