#AbuDhabiStablecoin A group of Abu Dhabi-based institutions on Monday announced plans to launch a stablecoin, pegged to the United Arab Emirates Dirham (AED). The group comprises Abu Dhabi's ADQ sovereign wealth fund, the First Abu Dhabi Bank (FAB), and investment firm International Holding Company (IHC). The stablecoin will be regulated by the Central Bank of the United Arab Emirates (CBUAE). The group aims to introduce stablecoins into UAE's payment ecosystems.

Key Details About the Stablecoin

ADQ announced that the upcoming stablecoin will be promoted as a digital currency that can be used by citizens, consumers, businesses, and institutions. The stablecoin is also expected to support transactions between machines and AI models in the UAE.

“As we move forward towards an increasingly digital and connected economy, [the] stablecoin will provide a solution that is secure, efficient, and scalable, while creating new opportunities for growth and value creation,” said Mohamed Hassan Alsuwaidi, ADQ MD and Group CEO, in a prepared statement.