#AbuDhabiStablecoin

Abu Dhabi is making significant strides in the digital currency landscape with the introduction of a new dirham-backed stablecoin, a collaborative effort by three major institutions: International Holding Company (IHC), ADQ (a sovereign wealth fund), and First Abu Dhabi Bank (FAB), the UAE's largest bank. This stablecoin is designed to be fully regulated by the Central Bank of the UAE and will operate on the ADI blockchain, developed by the ADI Foundation to support compliant blockchain payments.

The initiative aims to enhance the UAE's digital infrastructure and position the country at the forefront of global blockchain innovation. The stablecoin is expected to facilitate a wide range of applications, from everyday transactions by consumers and businesses to advanced use cases involving machine-to-machine payments and artificial intelligence-driven processes.

In addition to this development, the UAE has previously approved AE Coin, another dirham-pegged stablecoin. AE Coin is fully backed by reserves held within the UAE and is regulated by the Central Bank, aligning with the country's broader digital currency strategy.

Furthermore, the DRAM stablecoin, launched by Distributed Technologies Research (DTR), offers a dirham-backed digital asset available on decentralized finance platforms like Uniswap and PancakeSwap. While DRAM is not promoted within the UAE, it provides an option for regions experiencing high inflation to access a stable currency linked to the UAE dirham.

These initiatives collectively underscore the UAE's commitment to embracing digital currencies and blockchain technology, aiming to foster innovation and provide secure, efficient payment solutions both domestically and internationally.