#阿布扎比稳定币

1. Stablecoin Issuer and Policy Support

Sovereign Institutions Leading Cooperation: The Abu Dhabi Sovereign Wealth Fund (ADQ), UAE International Holding Company (IHC), and First Abu Dhabi Bank (FAB) jointly announced on April 29, 2025, plans to launch a stablecoin backed by the Emirati Dirham (AED), which will be fully regulated by the Central Bank of the UAE and issued by FAB. This initiative aims to promote the digital application of the Dirham, covering scenarios such as payments and cross-border trade.

Well-Established Regulatory Framework: The Payment Token Services Regulations released by the Central Bank of the UAE explicitly require that stablecoins be pegged to the Dirham on a 1:1 basis, and reserves must be custodied by licensed banks to ensure compliance and security. The dual regulatory system of federal and local (such as Dubai VARA and Abu Dhabi ADGM) provides flexible space for innovation.

2. Market Positioning and Competitive Landscape

Combination of Localization and Globalization: The Abu Dhabi stablecoin serves not only the payment needs within the UAE (such as real estate tokenization pilots) but also targets cross-border trade scenarios. The Dirham stablecoin can reduce dependence on the US dollar and enhance the influence of regional currencies, especially in the Middle East, Africa, and Asian markets.

Coexistence of Competition and Cooperation: International stablecoin issuers like Tether and Circle have collaborated with local enterprises (such as Phoenix Group) to explore compliant issuance paths. At the same time, Abu Dhabi is also nurturing local stablecoin projects (such as AE Coin), forming a diversified competitive landscape.

3. Impact on the Financial Ecosystem

Driving Traditional Financial Transformation: Traditional institutions like Emirates NBD have launched cryptocurrency services, and the widespread adoption of stablecoins will further accelerate the integration of traditional finance and blockchain.

Promoting Cross-Border Payments and Inclusive Finance: The real-time settlement characteristics of stablecoins can lower the costs of cross-border transactions, particularly in the Middle East and South Asia where remittance demand is high. For example, Dubai courts have allowed cryptocurrency payments for wages, providing a policy foundation for the application of stablecoins.