Abu Dhabi Launches Stablecoin Backed by the UAE Dirham

Abu Dhabi has announced the launch of a stablecoin backed by the UAE dirham, as part of its efforts to enhance innovation in the blockchain field. Here are the details:

Details of the Stablecoin

- *Partnership*: A partnership has been announced between three major institutions in Abu Dhabi, namely ADQ (Abu Dhabi Sovereign Wealth Fund), First Abu Dhabi Bank (FAB), and International Holding Company (IHC), to launch the stablecoin.

- *Regulation*: The stablecoin will be regulated by the Central Bank of the UAE and will be backed by the UAE dirham, ensuring its stability and security.

- *Technology*: The stablecoin will operate on the ADI blockchain, developed by the ADI Foundation, a non-profit organization dedicated to promoting the adoption of blockchain technology.

- *Uses of the Coin*: The stablecoin aims to support various applications, including automated transactions between devices, artificial intelligence, and daily digital payments.

Benefits and Impact

- *Enhancing Digital Infrastructure*: This launch enhances the digital infrastructure in Abu Dhabi and positions the UAE at the forefront of global innovation in the blockchain field.

- *Financial Inclusion*: The stablecoin could increase financial inclusion and accessibility, especially in high-volume money transfer channels.