#AbuDhabiStablecoin Entities from Abu Dhabi plan to launch a stablecoin backed by the dirham.
Investing.com — Three major entities from Abu Dhabi — the sovereign fund ADQ, the conglomerate IHC, and the First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE) by assets — announced on Monday their plans to launch a new stablecoin backed by the UAE dirham. This initiative marks the growing investment of the Gulf country in the cryptocurrency sector.
The three organizations confirmed that the proposed stablecoin will be under full regulation by the UAE central bank. This new digital currency, backed by the official currency of the country, will provide stable value in the volatile world of cryptocurrencies.
The announcement by ADQ, IHC, and FAB is part of a broader trend of financial institutions and governments worldwide showing increasing interest in the potential of digital currencies. The UAE's decision to regulate this new stablecoin underscores the country's commitment to providing a safe and regulated environment for the use and trading of cryptocurrencies.
This is excellent news. Cryptos are increasingly being used around the world.
