#AbuDhabiStablecoin (ADQ) and IHC Group (IHC.AD), opens a new tab, the largest lending bank in the United Arab Emirates by assets, First Abu Dhabi Bank (FAB) (FAB.AD), opens a new tab. The UAE, Saudi Arabia, Bahrain, and Egypt announced on Monday that they plan to launch a new stablecoin backed by the dirham, as the Gulf state works to deepen its investments in cryptocurrencies.

The three companies said in a statement that the stablecoin, which will be fully regulated by the Central Bank of the United Arab Emirates, will be issued by First Abu Dhabi Bank after obtaining approval from the authorities.