Abu Dhabi institutions plan a dirham-pegged stablecoin
The stablecoin will be regulated by the central bank and run on the ADI blockchain, supporting advanced use cases.
Three major Abu Dhabi institutions are teaming up to launch a dirham-pegged stablecoin, pending regulatory approval. The partners include Abu Dhabi’s sovereign wealth fund ADQ, First Abu Dhabi Bank (FAB), and the International Holding Company (IHC).
The stablecoin will be regulated by the UAE’s central bank and backed by the dirham. It aims to support use cases like machine-to-machine communication and artificial intelligence. The project will operate on the ADI blockchain, created by the ADI Foundation, a non-profit focused on blockchain adoption.
The initiative seeks to position the UAE as a leader in global blockchain innovation. It also aims to strengthen the country’s digital infrastructure and provide new financial opportunities.
The UAE joins other nations exploring alternatives to US dollar-backed stablecoins, as global interest in national digital currencies grows.
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