#AbuDhabiStablecoin

🚀🔥Abu Dhabi: the UAE ready for the launch of the new stablecoin pegged to the Dirham 🔥🚀

In Abu Dhabi, the institutional giants IHC, ADQ, and the First Abu Dhabi Bank (FAB) have announced the intention to launch the new stablecoin pegged to the UAE Dirham. 

In practice, the new stablecoin will be completely regulated by the Central Bank of the UAE (CBUAE) and issued by the largest bank in the United Arab Emirates, FAB, subject to regulatory approval.

According to what has been stated, the new stablecoin will aim to facilitate payments and conduct business, both locally and globally. Moreover, the idea is that payment with the stablecoin can allow identity, governance, and value to flow freely, securely, and verifiably.

The new stablecoin of the UAE will be used as a reliable digital currency in a wide range of daily scenarios, by citizens and consumers, businesses and institutions.

Furthermore, the project plans to be able to support emerging digital use cases, such as machine-to-machine and AI. 

👉The symbol of the digital Dirham

Last month, the CBUAE had also unveiled the symbol of the Dirham, both digital and physical, as an initiative that demonstrates the progress of the UAE national currency digitalization program.

This is a letter “D” that incorporates two horizontal lines representing the stability of the country’s currency and is inspired by the UAE flag.

The symbol then sees the presence of a circle that surrounds it, using the colors of the UAE flag to reflect national pride and identity.