#AbuDhabiStablecoin

The largest financial players in Abu Dhabi are coming together to launch a new stablecoin backed by the dirham. The sovereign fund ADQ, the largest bank in the UAE First Abu Dhabi Bank (FAB), and the international conglomerate International Holding Company announced their plans on April 28, pending regulatory approval.

According to the companies' statement, the stablecoin will be regulated by the Central Bank of the UAE and backed by the national currency of the country — the dirham. Special attention is given to supporting interaction between devices and the application of artificial intelligence.

"Our goal is to position the UAE at the forefront of global innovations in the blockchain space and strengthen the country's digital infrastructure," representatives of ADQ noted.