Developments related to stablecoins in Abu Dhabi, especially within the scope of the Abu Dhabi Global Market (ADGM). This area has witnessed notable activity in regulating and launching stablecoins.

Recently, prominent entities such as IHC, ADQ, and First Abu Dhabi Bank announced plans to launch a stablecoin backed by the UAE dirham, which will be subject to regulation by the Central Bank of the UAE. This project aims to enhance payment solutions and digital infrastructure in the country.

Additionally, the Abu Dhabi Global Market has been a pioneer in establishing regulatory frameworks for stablecoins, or what are called fiat-referenced tokens (FRTs). These frameworks aim to provide a stable and trustworthy environment for the issuance and management of these digital assets, focusing on transparency, investor protection, and promoting innovation in digital finance. The USDT from Tether has already been recognized as an acceptable virtual asset in the ADGM, facilitating its use in approved services within the region.