#AbuDhabiStablecoin

It appears Abu Dhabi is indeed taking a significant step into the future of finance with the announcement of a new Dirham-backed stablecoin. Here's a breakdown of what's happening:

Key Highlights:

* Joint Initiative: Three major Abu Dhabi entities – Abu Dhabi Developmental Holding Company (ADQ), International Holding Company (IHC), and First Abu Dhabi Bank (FAB) – have announced a collaboration to launch this stablecoin.

* Dirham Backed: The new digital currency will be pegged to the UAE Dirham, aiming to provide a stable and reliable alternative to more volatile cryptocurrencies.

* Regulatory Approval: The stablecoin will be fully regulated by the Central Bank of the UAE (CBUAE), and its issuance will be managed by FAB, subject to the central bank's final approval.

* ADI Blockchain: The stablecoin will operate on the ADI blockchain, a technology developed in the UAE by the ADI Foundation. This blockchain is designed to facilitate secure and transparent payment distribution networks.