#AbuDhabiStablecoin Abu Dhabi Trio to Launch Dirham-Backed Stablecoin
Three big organizations in Abu Dhabi are going to team up for the creation of a new digital currency stablecoin. This stablecoin will be tied to the UAE’s official currency, the dirham, and overseen by the UAE’s central bank to ensure it’s safe and legal.
This initiative is taken to make digital payments easier and faster for people and businesses in the UAE, helping the country embrace modern digital money systems.
To make this initiative possible, the ADQ, a major government investment fund; First Abu Dhabi Bank, the UAE’s biggest bank; and International Holding Co. are going to collaborate. They need approval from regulators to launch it, ensuring it meets legal standards.
Credits : cryptotimes.io