Three major institutions in Abu Dhabi, namely Abu Dhabi Developmental Holding Company (ADQ), International Holding Company (IHC), and First Abu Dhabi Bank (FAB), announced the launch of a new stablecoin backed by the UAE Dirham. This stablecoin, which will be regulated by the Central Bank of the UAE and issued by First Abu Dhabi Bank (subject to regulatory approvals), aims to facilitate payments and business locally and globally, and enhance the UAE's position as a leading hub in the fintech sector. The stablecoin will operate on the ADI blockchain, an advanced technology developed by the ADI Foundation in the UAE.
