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Three leading institutions in Abu Dhabi, namely "ADQ" (, "IHC" ), and First Abu Dhabi Bank, announced joint plans to launch a stablecoin backed by the UAE Dirham and subject to the supervision of the Central Bank of the United Arab Emirates.
A joint statement issued by the three parties clarified that First Abu Dhabi Bank, the largest bank in the country by assets, will be responsible for issuing the new coin after obtaining the necessary regulatory approvals.
This initiative aims to provide a reliable digital payment method used in various daily transactions for individuals, businesses, and institutions.
Stable coin serving individuals and businesses
According to the statement, the new digital coin is designed to support a wide range of daily uses, including commercial payments, financial transfers, and institutional transactions, taking advantage of the country's advanced infrastructure in the fields of financial technology and blockchain.