UAE Set to Launch Dirham-Backed Stablecoin for Easy Digital Payments

The United Arab Emirates plans to introduce a new stablecoin which will be supported by Dirham currency to simplify digital payment processes and enhance their security status. FAB will issue the stablecoin which IHC, ADQ and First Abu Dhabi Bank (FAB) announced under full regulation from the Central Bank of the UAE (CBUAE subject to approval.

This Dirham-supporting stablecoin serves as an everyday transaction solution for all groups within the UAE society including citizens and business entities and institutions. The new Dirham-backed stablecoin will strengthen the widespread adoption of AI technology and machine-to-machine payments plus other digital solutions. The introduction of the stablecoin positions the UAE better to become a leading global fintech center while upgrading its digital payment capabilities.

The ADI blockchain operates as the platform for the stablecoin under development by the ADI Foundation. Through its blockchain system the traditional financial sector unites with contemporary digital environments which enables emerging nations to access worldwide economic opportunities. ADI Foundation already partners with over 20 governments worldwide.

Several important industry leaders showed great enthusiasm toward the project. ADQ Managing Director Mohamed Hassan Alsuwaidi predicted that the stablecoin will generate new avenues to support growth while leading additional possibilities. IHC CEO Syed Basar Shueb declared the new digital currency development as a transformative milestone for the digital currency sector. As Group CEO of FAB Hana Al Rostamani declared that this project aims to revolutionize traditional blockchain payment methods which businesses and individuals use today.

Guillaume de La Tour as CEO of the ADI Foundation explained that the stablecoin provides secure transactions coupled with transparent features and the ability to support large-scale digital operations.

The launch of this stablecoin signifies a primary achievement toward the UAE’s mission to lead financial technology globally as it will create significant effects on financial operations and commercial transactions.