#AbuDhabiStablecoin

The sovereign wealth fund of Abu Dhabi ADQ, the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), and the huge conglomerate International Holding Company have partnered to launch the stablecoin, pending regulatory approval, the three companies stated on April 28.

The trio claimed that the stablecoin would be regulated by the central bank of the UAE and backed by the country's currency, the dirham. It would also support use cases such as machine-to-machine and artificial intelligence.