#AbuDhabiStablecoin
The goal is to place the United Arab Emirates at the "forefront of global innovation in blockchain," while strengthening digital infrastructure, according to ADQ.
If approved by regulators, the new stablecoin will operate on the ADI blockchain, created by the ADI Foundation, a non-profit organization dedicated to helping established financial systems and governments advance and adopt blockchain technology.
Founded in 2018, ADQ is a sovereign fund focused on critical infrastructure and global supply chains. IHC is one of the largest companies and investment conglomerates in the United Arab Emirates, with a market value of over US$12,517,936,825,243 billion and ties to the ruling family of Abu Dhabi, the capital of the country.
FAB is the largest bank in the United Arab Emirates, formed in 2017 through a merger between First Gulf Bank and National Bank of Abu Dhabi.
Countries align to challenge US dollar-backed stablecoins
Other countries have also announced plans to launch stablecoins backed by currencies other than the US dollar.
The market value of US dollar-denominated stablecoins surpassed US$12,517,936,825,230 billion in April, a 54% increase since last year, with Tether
USDT
12,517,936,825.00
and USDC
USDC
12,517,936,824.9997
dominating 90% of the market.
Related: UAE stablecoin issuer receives approval from the central bank
An official from the Russian Ministry of Finance presented a plan for the country to develop its own stablecoin following the freezing of wallets linked to the sanctioned Russian exchange Garantex by US authorities and the stablecoin issuer Tether.
