#AbuDhabiStablecoin Abu Dhabi's sovereign wealth fund ADQ, conglomerate IHC, and First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates (UAE) by assets, announced on Monday their plans to launch a new stablecoin backed by the UAE dirham. This move signifies the Gulf country's growing investment in the cryptocurrency sector.

The three organizations confirmed that the proposed stablecoin will be under full regulation by the UAE's central bank. This new digital currency, backed by the country's official currency, will provide a stable value in the volatile world of cryptocurrencies.