Abu Dhabi is launching a new StableCoin project that supports Dirham, awarding the main institution

The international company Abu Dhabi, ADK and the first Abu Dhabi Bank, announced that Dirham will be supported, fully regulated by the Central Bank of UAE, whose goal is to improve the decision for payment and digital infrastructure, fully regulated by the central bank.

StableCoin will work on Adi Blocchain, toward to National, And it will be issued by FAB, the largest UAE bank, in making regulatory approval, in a joint statement said in a joint statement.

The digital currency will use consumers, companies and institutions, supporting new applications such as machines for machines and machines and artificial intelligence.

“This new StableCoin represents a transformative step forward and revolutionized the way consumers and companies deal with reliable blocks in the UAE payments,” said Hana Al Rostamani, Executive Director of the Ekective of Fab group.

StablecoinsThey are usually mitigated in FIAT currencies, offer a more stable digital tool compared to cryptocurrency such as Bitcoin. Their value is anchored to currencies, state cash registers or goods such as gold, providing less volatile alternatives for digital transactions.

‘Digital Dirham’

The UAE central bank moves quickly to improve its digital currency strategy. In March 2023. he launched the “Digital Dirham” initiative.

Last year, the Bank introduced regulations for Stablecoins, aimed at creating a clear operational framework for the sector. In order to enhance this strategy, the Central Bank recently presented a new symbol for digital dirham.

Mohamed Alsuvaidi, General Manager and Group General Manager of ADK, said the launch means “Pivotal Step” in strengthening the UAE digital infrastructure.

“As we move towards an increasingly digital and connected economy, Stablecoin will provide a solution that is safe, efficiently and scalable,” Alsuvaidi said.

Adi Blickcain, which developed the ADI Foundation, will serve as the backbone For a new stableCoin. The Foundation has established partnerships with governments in over 20 countries to expand their compatible distribution network of Blocchain.

The UAE built a momentum in a digital agent space. The Abu Dhabi Global Market And Dubai Regulatory Administration for Virtual Property has already implemented framework for regulating the cryptocurri.

In December, the AE coin became the first regulated digital currency approved in the UAE. Meanwhile, Tether, Issdt Issue (USDTT) – the biggest stablecoin in the world – Also received approval Last August to develop Stablecoin in the region.

New StableCoin supported Dirham is expected to have a “significant impact” in funding, trade and trade, the companies said.