#AbuDhabiStablecoin AbuDhabiStablecoin Abu Dhabi Launches Emirati Dirham-Backed Stablecoin

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

Stablecoin Details

- *Partnership*: The partnership between three key institutions in Abu Dhabi has been announced, namely ADQ (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 Emirati dirham, ensuring its stability and security.

- *Technology*: The stablecoin will operate on the ADI blockchain, developed by the ADI Foundation, a nonprofit 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.