#AbuDhabiStablecoin Abu Dhabi is actively paving its way to becoming a global fintech powerhouse. Three heavyweights from the UAE — International Holding Company (IHC), ADQ, and First Abu Dhabi Bank (FAB) — have joined forces to introduce a new stablecoin backed by the national currency — the dirham.

But this step has a double bottom: the launch of a local digital currency is not just about promoting their own technologies, but also a challenge to the dollar-backed stablecoins that have long held the market in a firm grip. But this step has a double bottom: the launch of a local digital currency is not just about promoting their own technologies, but also a challenge to the dollar-backed stablecoins that have long held the market in a firm grip.

The issuance of the stablecoin is planned based on the proprietary blockchain system ADI, developed domestically. The main idea is simple: to make payments convenient, instant, and secure — for individuals as well as for businesses and institutions, not limited to just the Gulf region.