Abu Dhabi’s sovereign wealth fund ADQ, conglomerate IHC, and First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, announced plans to launch a stablecoin backed by the UAE dirham. This move highlights the Gulf country’s increasing investment in the cryptocurrency sector.
The stablecoin will be fully regulated by the UAE’s central bank, ensuring stability in the volatile cryptocurrency market by being backed by the country’s official currency.
This announcement reflects a global trend of growing interest in digital currencies among financial institutions and governments. The UAE’s regulation of the stablecoin underscores its commitment to providing a secure and structured environment for cryptocurrency use and trading.
