Today's Edition
ABU DHABI (ALETIHAD)
IHC, ADQ, and First Abu Dhabi Bank (FAB) have announced plans to launch a new stablecoin backed by dirhams, which will be fully regulated by the Central Bank of the UAE (CBUAE) and issued by the UAE’s largest bank, FAB.
The new stablecoin will revolutionise the ease of making payments and doing business, both locally and globally, putting the UAE at the forefront of global blockchain innovation, a statement said.
This stablecoin will be used as a reliable digital currency across a wide range of everyday scenarios — by citizens and consumers, businesses and institutions. It will also support emerging digital use cases such as machine-to-machine and AI, the statement said.
The new stablecoin will operate on the ADI blockchain, a cutting-edge technology developed in the UAE by the ADI Foundation, which will provide a compliant distribution network for blockchain payments.
ADI Foundation connects established financial systems with next generation blockchain technology to create real-world impact, allowing citizens of emerging countries to compete and operate on a global scale. ADI Foundation already has strategic partnerships with governments in over 20 countries.
Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, said: "The launch of the stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem. As we move forward towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient and scalable, while creating new opportunities for growth and value creation."
Syed Basar Shueb, CEO of IHC, added: "This new stablecoin represents a major breakthrough in the development of digital currencies, and we are proud to have played a key role in its creation. By bringing IHC’s expertise in blockchain and fintech, we look forward to working with our partners to explore its vast potential and drive innovation in the UAE."
Hana Al Rostamani, Group Chief Executive Officer of FAB, affirmed: “As a founding partner of this leading technology, FAB is proud to be at the forefront of global innovation, driving continued growth within the UAE’s dynamic fintech sector. This new stablecoin represents a transformative step forward and will revolutionise the way both consumers and businesses engage with trusted blockchain payments in the UAE.”
Guillaume de La Tour, CEO of ADI Foundation, commented: “This stablecoin marks a pivotal milestone in the UAE’s journey toward a more inclusive and digitally empowered economy. By leveraging the ADI blockchain, we are enabling secure, transparent, and efficient transactions at scale — built on technology developed right here in the UAE.”
The new stablecoin is expected to have a significant impact on various industries, including finance, commerce, and trade. Its launch marks an important step towards realizing the UAE's vision of becoming a leading hub for innovation and financial technology.
