#AbuDhabiStablecoin the sovereign fund of Abu Dhabi, the IHC conglomerate, and First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates (UAE) by assets, announced on Monday their plans to launch a new stablecoin backed by the UAE dirham. This move represents the growing investment of the Gulf country in the cryptocurrency sector.

The three organizations confirmed that the proposed stablecoin will be fully regulated by the central bank of the UAE. This new digital currency, backed by the official currency of the country, will provide stable value in the volatile world of cryptocurrencies.