Three Abu Dhabi Giants Plan Stablecoin Backed by UAE’s Currency

Three major Abu Dhabi entities, including a sovereign wealth fund, plan to launch a stablecoin fully regulated by the central bank of the United Arab Emirates and backed by the dirham, a move that could speed the Persian Gulf nation’s efforts to adopt digital currencies and facilitate payments.

The sovereign wealth fund, ADQ along with the UAE’s largest lender, First Abu Dhabi Bank PJSC, and International Holding Co., a sprawling conglomerate, will be the founding partners of the new stablecoin, whose creation will be subject to regulatory approval.