Abu Dhabi’s ADQ, FAB and IHC Announce Plans for Dirham-Backed Stablecoin

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Abu Dhabi’s ADQ sovereign wealth fund, First Abu Dhabi Bank (FAB), and International Holding Company (IHC) are collaborating to launch a stablecoin pegged to the UAE Dirham (AED). This initiative aims to integrate stablecoins into the country’s payment systems, operating under the regulation of the Central Bank of the United Arab Emirates (CBUAE). The yet-to-be-named stablecoin will be promoted as a digital currency solution within the UAE, fostering innovation and efficiency in financial transactions. This move signals the UAE’s commitment to embracing digital assets and exploring their potential to enhance its financial landscape. The project signifies a significant step towards modernizing the UAE’s financial infrastructure and potentially positioning it as a regional leader in the digital economy.

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