IHC, ADQ and First Abu Dhabi Plan First Stablecoin
- Business Companies Crypto Regional
Global Business Magazine- 5 minutes read
IHC, ADQ, and First Abu Dhabi Bank (FAB) on Monday 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 (subject to regulatory approval).
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 as a leading fintech hub, while strengthening UAE’s digital infrastructure.
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.
The stablecoin backed by Dirhams is designed to enable payment for the world where identity, governance and value flow freely, securely, and verifiably.
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 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, which previously would have been impossible. ADI Foundation already has strategic partnerships with governments in over 20 countries.
Major Breakthrough
ADQ’s Managing Director and Group CEO Mohamed Hassan Alsuwaidi said that the launch of stablecoin marks a pivotal step in their commitment to strengthening the UAE’s digital infrastructure ecosystem.
Alsuwaidi added: “As we move forward towards an increasingly digital and connected economy, stablecoin will provide a solution that is secure, efficient and scalable, while creating new opportunities for growth and value creation.”
IHC CEO Syed Basar Shueb said that 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,” he added”
FAB Group CEO Hana Al Rostamani said that FAB was proud to play their part as a founding member of this ground-breaking development, which will put the UAE at the forefront of global innovation and enable even more growth in our thriving fintech sector.
The new stabl ecoin will make a significant impact across industries and could revolutionize the use of trusted blockchain payments for UAE consumers and businesses, she said.
ADI Foundation CEO Guillaume de La Tour said that 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 ADI Foundation is proud to support this visionary initiative that aligns with our mission to advance sustainable digital transformation around the world,” he added.
