The United Arab Emirates (UAE) is launching a dirham-based stablecoin and promoting a new cryptocurrency regulation policy. International Holding Company (IHC), ADQ, and First Abu Dhabi Bank (FAB) have announced the launch of a stablecoin based on the UAE dirham.
This stablecoin will be issued based on the self-developed ADI blockchain technology. The goal is to enable individuals, companies, and institutions to make safe and convenient payments both within and outside the UAE.
The stablecoin will support not only everyday payments but also complex digital transactions. It will be regulated by the UAE Central Bank and backed by local currency, ensuring both safety and legality.
FAB plans to issue the stablecoin after receiving approval from the UAE Central Bank. This collaboration is characterized by robust financial support, cutting-edge technology, and official regulation.
The stablecoin aims to support machine-to-machine transactions and AI-based transactions beyond simple payment methods. The UAE is seeking to secure a leading position in rapidly growing fields such as smart finance and the Internet of Things (IoT).
Last year, the UAE introduced its first official stablecoin, the AE Coin, and continues to show interest in the cryptocurrency and blockchain industry, with local company MGX recently investing $2 billion in Binance.
Syed Basar Shuaib, CEO of IHC, evaluated this stablecoin as an important advancement in digital finance. Mohammed Hassan Al Suwaidi, CEO of ADQ, also predicted that this project will strengthen the UAE's digital system.
Meanwhile, other countries like Russia are also considering stablecoins based on their national currencies. According to a Citigroup report, US dollar-based stablecoins still dominate the market, with Tether occupying 90% of the $230 billion market.
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