Abu Dhabi: IHC, ADQ, and First Abu Dhabi Bank (FAB) have announced plans to launch a new stablecoin backed by Dirhams. The stablecoin will be fully regulated by the Central Bank of the United Arab Emirates (CBUAE) and issued by the UAE’s largest bank, FAB (subject to regulatory approval).
The new stablecoin aims to revolutionise the ease of making payments and doing business, both locally and globally. It will position the UAE at the forefront of global blockchain innovation as a leading fintech hub while strengthening the nation’s digital infrastructure.
The Dirham-backed stablecoin is designed to enable secure, verifiable payments in a world where identity, governance, and value flow freely.
Wide applications for various users
This stablecoin will serve as a reliable digital currency across various everyday scenarios, benefiting citizens, consumers, businesses, and institutions alike. Additionally, it will support emerging digital use cases such as machine-to-machine communication and AI applications.
ADI blockchain: A foundation for innovation
The new stablecoin will operate on the ADI blockchain, a cutting-edge technology developed in the UAE by the ADI Foundation. This blockchain will provide a compliant distribution network for blockchain payments. The ADI Foundation bridges established financial systems with next-generation blockchain technology, empowering citizens in emerging countries to compete and operate on a global scale.
The ADI Foundation has already forged strategic partnerships with governments in over 20 countries.
Key industry leaders weigh in
Mohamed Hassan Alsuwaidi, Managing Director and Group CEO of ADQ, commented: “The launch of the stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem. As we move towards a more connected economy, the stablecoin will offer a secure, efficient, and scalable solution while creating opportunities for growth.”
Syed Basar Shueb, CEO of IHC, added: “This stablecoin represents a major breakthrough in the development of digital currencies, and we’re proud to have played a key role. With IHC’s expertise in blockchain and fintech, we look forward to exploring its vast potential and driving innovation in the UAE.”
Hana Al Rostamani, Group CEO of FAB, stated: “As a founding partner, FAB is proud to be at the forefront of global innovation. This stablecoin will revolutionize how consumers and businesses engage with blockchain payments in the UAE.”
Guillaume de La Tour, CEO of ADI Foundation, said: “This stablecoin is a milestone in the UAE’s journey towards a more inclusive, digitally empowered economy. By leveraging ADI blockchain, we’re enabling secure, transparent, and efficient transactions built on technology developed in the UAE.”
Landmark for the UAE’s fintech future
The launch of this stablecoin is expected to have a significant impact on industries such as finance, commerce, and trade. It represents a critical step towards realizing the UAE’s vision of becoming a global hub for innovation and financial technology.
