On April 29, 2023, the three major institutions in the UAE—International Holding Company (IHC), Sovereign Wealth Fund ADQ, and First Abu Dhabi Bank (FAB)—jointly announced the launch of a dirham-backed stablecoin, regulated by the Central Bank of the UAE (CBUAE), with FAB responsible for issuance. This stablecoin aims to build a secure and verifiable payment system covering individual, corporate, and government scenarios, and supports AI and machine-to-machine transactions, based on local ADI blockchain technology. This move will enhance cross-border payment efficiency, promote the development of the UAE's digital currency ecosystem, and is expected to further consolidate its position as a global cryptocurrency financial hub. The current stablecoin awaits regulatory approval, and if implemented, it could accelerate the institutionalization process of cryptocurrencies in the Middle East.