Abu Dhabi's stablecoin project is a digital currency pegged to the UAE dirham, developed by ADQ, First Abu Dhabi Bank (FAB), and International Holding Company (IHC). Here are the key details:
- *Partnership*: The project brings together three major Abu Dhabi institutions: ADQ (sovereign wealth fund), FAB (largest bank in the UAE), and IHC (major investment firm).
- *Blockchain*: The stablecoin will be deployed on the ADI blockchain, a platform developed by the ADI Foundation to enable blockchain adoption in traditional financial systems.
- *Regulation*: The stablecoin will be regulated by the Central Bank of the UAE (CBUAE) and fully backed by the dirham.
- *Use cases*: The digital currency aims to support everyday transactions, machine-to-machine payments, and AI-driven processes.
- *Goals*: The project seeks to strengthen the UAE's digital financial infrastructure, promote blockchain innovation, and position the country as a leader in digital assets.
- *Potential impact*: The stablecoin could mark a significant step in diversifying the global stablecoin landscape and establishing the UAE as a hub for blockchain innovation.
The consortium has not yet announced a timeline for the rollout, but the project is expected to enhance the UAE's digital economy and provide a secure, efficient, and scalable solution for transactions.
