#AbuDhabiStablecoin

In a strategic move to enhance the UAE's position in the field of financial technology, three major institutions in Abu Dhabi—Abu Dhabi Holding Company (ADQ), First Abu Dhabi Bank (FAB), and International Holding Company (IHC)—announced plans to launch a new stablecoin backed by the UAE Dirham.

Details of the new stablecoin

• Support and regulation: The currency will be fully backed by the UAE Dirham and will be subject to regulation by the Central Bank of the UAE, with issuance by First Abu Dhabi Bank, following the necessary regulatory approvals.

• Technical infrastructure: The currency will operate on ADI's private blockchain network, developed by the ADI Foundation, aiming to provide a compliant and secure payment network.

• Expected uses: The currency aims to facilitate digital payments within the UAE and beyond, supporting advanced use cases such as machine-to-machine (M2M) transactions and applications powered by artificial intelligence.

AE Coin: The first stablecoin in the UAE

In December 2024, AE Coin received full approval from the Central Bank of the UAE, becoming the first stablecoin backed by the UAE Dirham. AE Coin is considered an important step towards enhancing trust in digital assets, as it has full backing from local reserves and adheres to strict regulatory standards.