#StablecoinPayments

Three giant companies in Abu Dhabi plan to launch a stablecoin backed by the Emirati currency.

If approved by regulatory authorities in the United Arab Emirates, this new digital currency is expected to transform consumer and business transactions.

First Abu Dhabi Bank (FAB), the largest lender in the UAE by assets, has collaborated with the Emirati sovereign wealth fund ADQ and the holding company IHC to launch a stablecoin backed by the dirham.

This move is part of a strategy to enhance the digital economy of the United Arab Emirates and modernize financial transactions, in line with the UAE's vision to solidify its position as a hub for financial technology and innovation.

Mohammed Hassan Al Suwaidi, Managing Director and CEO of ADQ Group, stated: "The launch of the stablecoin represents a pivotal step in our commitment to enhance the digital infrastructure ecosystem in the United Arab Emirates."