Abu Dhabi Stablecoin: New Digital Dirham
Famous companies in Abu Dhabi — ADQ (a large investment company), International Holding Company (IHC), and First Abu Dhabi Bank (FAB) — have joined forces to launch a new digital coin. This coin will be pegged to the UAE dirham and will be fully endorsed by the Central Bank of the UAE (CBUAE). The goal is to make digital payments easier and help more people use digital money in the UAE.
Strong support and full endorsement
This new stablecoin is part of a larger plan to make the UAE a global leader in digital currency. By creating a secure and government-backed digital coin, the UAE ensures the availability of a reliable option for online payments, perfectly suited for the country's current banking system.
Why this is important for the future
A stablecoin backed by the dirham will make cross-border money transfers faster and cheaper. It will also help more people access financial services, even if they do not use traditional banks. Furthermore, it supports the UAE's larger dream of developing its economy and becoming a leader in new financial technologies.
