#AbuDhabiStablecoin

Stablecoin in Abu Dhabi (backed by the UAE Dirham)

#Key Information:

1. Implementing Entities:

- A coalition of three major Emirati institutions: "Holding" (ADQ), International Holding Company (IHC), and (First Abu Dhabi Bank) (the largest bank in the UAE).

2. Objective:

- To enhance the digital infrastructure of the UAE and facilitate local and global payments through blockchain technology.

3. Features:

- Backed by the UAE Dirham and subject to regulation by the Central Bank of the UAE.

- Designed to support daily use cases for individuals and businesses, as well as advanced transactions such as machine-to-machine (M2M) communication and artificial intelligence.

- Based on a locally developed blockchain network by the Emirati "ADI" Foundation.

4. Expected Impact:

- Increase liquidity in the UAE financial system.

- Establish the UAE as a leading global hub for financial innovation and technology.

5. Timeline:

- The currency will be issued after completing regulatory approvals from the Central Bank.

#Why is it considered important?

- It is the first Arab stablecoin backed by a national currency, which enhances trust in digital assets and reduces reliance on the dollar in transactions.

- It supports the UAE's vision to build an inclusive digital economy, especially with its aim to attract global fintech companies like "Binance".