#AbuDhabiStablecoin

Launch of a Dirham-backed Stablecoin by Private Entities

Recently, three major Emirati institutions - International Holding Company (IHC), ADQ (Sovereign Wealth Fund), and First Abu Dhabi Bank (FAB) - announced plans to launch a new stablecoin backed by the UAE dirham.

This stablecoin is expected to be fully regulated by the Central Bank of the UAE.

This initiative aims to make payments secure and easy for individuals, businesses, and institutions both locally and globally, support complex digital transactions, and enable payments between machines and transactions powered by artificial intelligence.

This stablecoin will be issued on the locally developed ADI blockchain.

This move is expected to bolster Abu Dhabi's position as a global fintech hub and compete with dollar-backed stablecoins.$ETH