#AbuDhabiStablecoin The New Stablecoin Backed by the Abu Dhabi Dirham

Three large entities in Abu Dhabi—the sovereign Wealth Fund ADQ, the conglomerate International Holding Company (IHC) and the First Abu Dhabi Bank (FAB)—have announced plans to launch a stablecoin fully regulated by the Central Bank of the United Arab Emirates (CBUAE). This stablecoin will be backed by the Emirates dirham and aims to facilitate digital payments and improve the adoption of digital currencies by the nation.

*The introduction of a dirham-backed stablecoin is expected to streamline cross-border transactions, reduce dependence on traditional banking systems and promote financial inclusion. It also aligns with the efforts of the Emirates to diversify their economy and adopt technological innovations in the financial sector.