#AbuDhabiStablecoin
Launch✨of a new stablecoin❇️in Abu Dhabi backed by the UAE Dirham✅
Three major institutions in Abu Dhabi, namely the Abu Dhabi Development 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 United Arab Emirates and issued by First Abu Dhabi Bank (pending regulatory approvals), aims to facilitate payments and business transactions both locally and globally, and to enhance the UAE's position as a leading hub in the field of financial technology. The stablecoin will operate on the ADI blockchain, an advanced technology developed by the ADI Foundation in the UAE.