#AbuDhabiStablecoin Abu Dhabi is launching a dirham-backed stablecoin, a digital currency pegged to the UAE's traditional currency, to promote blockchain innovation and strengthen digital infrastructure. Here's what's known about the project ¹ ² ³:

- *Founding Partners*: ADQ (Abu Dhabi's sovereign wealth fund), First Abu Dhabi Bank (FAB), and International Holding Company (IHC) are partnering to launch the stablecoin, pending regulatory approval.

- *Regulation*: The stablecoin will be regulated by the UAE's central bank and backed by the dirham, ensuring a stable digital asset for everyday transactions.

- *Use Cases*: The stablecoin will support emerging digital use cases like machine-to-machine transactions and artificial intelligence, making it a versatile digital currency for consumers, businesses, and institutions.

- *Blockchain*: The stablecoin will operate on the ADI blockchain, developed by the ADI Foundation, a nonprofit organization promoting blockchain technology.

- *Impact*: This initiative aims to place the UAE at the forefront of global blockchain innovation, enhancing digital payments and financial services.

The Abu Dhabi stablecoin project is part of the UAE's broader strategy to become a global hub for digital finance. The country has already taken steps to regulate cryptocurrencies, with the Abu Dhabi Global Market and Dubai's Virtual Assets Regulatory Authority implementing frameworks for digital assets ³ ⁴.