#AbuDhabiStablecoin , A new stable cryptocurrency is established with the support of a trio of significant institutions from Abu Dhabi. It is reported that they have joined forces to launch a new stablecoin linked to the dirham.

The Abu Dhabi sovereign fund ADQ, the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), and the massive conglomerate International Holding Company have partnered to launch the stablecoin, pending regulatory approval, according to the three companies on April 28.

The trio stated that the stablecoin would be regulated by the UAE central bank and backed by the country's currency, the dirham. It will also accommodate use cases such as machine-to-machine and artificial intelligence.