#AbuDhabiStablecoin Abu Dhabi is making significant strides in the digital finance sector with the introduction of a new stablecoin, AE Coin, which is pegged to the UAE dirham. Approved by the UAE Central Bank, AE Coin is part of the nation's broader strategy to position itself as a global hub for cryptocurrency and blockchain innovation.
Reuters
In a notable development, Abu Dhabi's MGX investment vehicle, backed by the $330 billion sovereign wealth fund Mubadala, has invested $2 billion in cryptocurrency exchange Binance. This investment, conducted via stablecoins, underscores the UAE's commitment to advancing blockchain's transformative potential for digital finance. Binance, despite past regulatory challenges, is seen as a strategic partner in the UAE's crypto ambitions.
Reuters
Further expanding the dirham's digital footprint, Tether, a leading stablecoin provider, announced plans to launch a dirham-pegged stablecoin. This initiative aims to meet the growing demand for the Gulf currency and provide an alternative to the U.S. dollar in global trade. The new stablecoin will be fully backed by UAE reserves and launched in partnership with Phoenix Group and Green Acorn Investment, pending approval from the UAE Central Bank.
Reuters
These developments reflect Abu Dhabi's strategic efforts to integrate blockchain technology into its financial infrastructure, enhancing its role in the global digital economy$
