US EditionAbu Dhabi doubles down on crypto as wealth fund, FAB, IHC join forces for new stablecoin
- On Monday, three leading UAE firms announced their intention to introduce a dirham-pegged stablecoin, which will be overseen by the Central Bank of the UAE and issued by the nation's largest bank upon receiving regulatory approval.
- The launch follows a drive to strengthen the UAE's digital infrastructure and facilitate secure, efficient, and scalable blockchain-based payments domestically and globally.
- The stablecoin aims to serve citizens, consumers, businesses, and institutions in everyday transactions while supporting verifiable payments and identity flow.
- Guillaume de La Tour described the stablecoin as a key achievement in advancing the UAE's efforts to build a more inclusive and digitally driven economic landscape.
- This initiative represents a significant advancement for the UAE’s crypto ecosystem and digital asset adoption, leveraging partnerships and regulatory oversight to foster innovation.
55 Articles
55 Articles
UAE to issue new stablecoin pegged to local currency
The NewsThe UAE national security adviser’s firms are leading an effort to roll out a dirham-backed stablecoin. Sheikh Tahnoon bin Zayed, brother of UAE President Sheikh Mohamed bin Zayed, has lined up the three of the largest entities he chairs — sovereign wealth fund ADQ, which focuses on infrastructure and energy investments; First Abu Dhabi Bank (FAB), the UAE’s largest lender; and conglomerate International Holding Co. — as the founding par…
Abu Dhabi doubles down on crypto as wealth fund, FAB, IHC join forces for new stablecoin
Abu Dhabi sovereign wealth fund ADQ, conglomerate IHC , and the UAE's biggest lender by assets First Abu Dhabi Bank (FAB) are planning to launch a new stablecoin backed by dirhams, they said on Monday, as the Gulf country deepens its investment in cryptocurrencies.
Circle Wins Regulatory Nod From Abu Dhabi Watchdog as USDC Hits $62B
Circle, the issuer of the second-largest stablecoin, USDC, said it received in-principal regulatory approval from Abu Dhabi, paving the way for an expansion across the Middle East.The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) granted the company the preliminary green light to operate as a money services provider, edging closer to a full license after incorporating in the financial hub last December.The appr…
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.
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