#AbuDhabiStablecoin The Abu Dhabi sovereign fund ADQ and the conglomerate IHC (IHC.AD), opens a new tab, and the largest lender in the United Arab Emirates by assets, First Abu Dhabi Bank (FAB) (FAB.AD), 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 Central Bank of the United Arab Emirates, will be issued by FAB subject to regulatory approval, the three companies said in a statement.