#AbuDhabiStablecoin

Abu Dhabi marks a milestone in financial innovation with the launch of its Stablecoin. In a bold move that underscores its growing influence in the global financial landscape, Abu Dhabi has announced today the launch of its own stablecoin, unofficially named "Digital Dirham." This pioneering initiative, driven by the collaboration of three institutional giants of the emirate: Abu Dhabi Developmental Holding Company (ADQ), International Holding Company (IHC), and First Abu Dhabi Bank (FAB), marks a turning point in the digitalization of the regional economy.

The new stablecoin, backed 1:1 by the United Arab Emirates dirham (AED) and under the regulatory supervision of the Central Bank of the UAE, promises to revolutionize financial transactions, trade, and the digital industry across the Gulf and globally. With the support of such strong institutions and a robust blockchain infrastructure, this stable digital currency is expected to offer greater efficiency, transparency, and security in financial operations.

This strategic launch positions Abu Dhabi at the forefront of blockchain innovation, strengthening the UAE's digital infrastructure and fostering greater adoption of digital assets in the region. Both businesses and consumers will benefit from a reliable and regulated network for making payments, settlements, and other financial transactions in a more agile and cost-effective manner.

Abu Dhabi's foray into the stablecoin space aligns with a growing global trend of nations exploring alternatives to US dollar-denominated stablecoins and the development of central bank digital currencies (CBDCs). This strategic step diversifies the landscape of digital currencies and highlights the UAE's commitment to adopting cutting-edge financial technologies.