In Abu Dhabi, they plan to issue their stablecoin, backed by the national currency of the Emirates, the dirham.

The initiators of the project are the ADQ Wealth Fund, the lender First Abu Dhabi Bank PJSC, and International Holding Co. Investors believe that this could accelerate the adoption of digital assets and enhance the speed of payments.

The stablecoin will be issued by FAB, whose CEO, Hana Al Rostamani, stated that the digital currency "will have a significant impact on all sectors and could revolutionize the use of reliable blockchain-based payments for consumers and businesses in the UAE."