#AbuDhabiStablecoin Three major institutions in Abu Dhabi, ADQ (sovereign wealth fund), International Holding Company (IHC), and First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE) based on assets, announced the launch of a new stablecoin fully backed by the official currency of the UAE, the dirham.

This stablecoin will be under the full supervision and regulation of the Central Bank of the UAE, and is expected to bring stability to digital transactions that have been prone to volatility.

A stablecoin is a cryptocurrency whose value is stable because it is pegged to certain assets such as the US dollar (US$), gold, or even a basket of other assets.

This project will utilize ADI blockchain technology, a digital infrastructure developed by the ADI Foundation, which has collaborated with more than 20 countries.