#AbuDhabiStablecoin A trio of major institutions from Abu Dhabi, including the emirate's sovereign wealth fund, have joined forces to launch a new stablecoin linked to the dirham.

Abu Dhabi's sovereign wealth fund ADQ, the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), and the massive conglomerate International Holding Company have partnered to launch the stablecoin, pending regulatory approval, the three companies announced on April 28.

The trio stated that the stablecoin would be regulated by the UAE central bank and backed by the country's currency, the dirham. It would also support use cases such as machine-to-machine and artificial intelligence.