#AbuDhabiStablecoin

#AbuDhabiStablecoin Abu Dhabi launches a 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 sector. Here are the details:

Details of the stablecoin

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

- *Regulation*: The stablecoin will be subject to regulation 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 currency*: 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-traffic financial transfer channels.