#AbuDhabiStablecoin Abu Dhabi doubles down on crypto as wealth fund, FAB, IHC join forces for new stablecoin

DUBAI, April 28 (Reuters) - Abu Dhabi sovereign wealth fund ADQ, conglomerate IHC (IHC.AD), opens new tab, and the UAE's biggest lender by assets First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab are planning to launch a new stablecoin backed by dirhams, they said on Monday, as the Gulf country deepens its investment in cryptocurrencies.

The stablecoin, which will be fully regulated by the UAE's central bank, will be issued by FAB subject to regulatory approval, the three companies said in a statement.