Stablecoin is gaining ground in the UAE with the Abu Dhabi government, represented by the Department of Municipalities and Transport, Tawasul Transport, said that it will be accepting AED stablecoin payments using the AE Coin for taxi services.
The agreement was signed between Integrated Transport Center (ITC) of the Department of Municipalities and Transport, and Al Maryah Community Bank better known as MBank on Tuesday. AE Coin was the first AED stablecoin to be licensed in the UAE.
Stablecoin digital payments offer a seamless sustainable transportation experience while offering smart secure payment tools. A live AE Coin payment for a taxi service was carried out using the AEC Wallet and the AE Coin (AEC).
General Manager of Abu Dhabi Tawasul Transport Ghena Jbour noted that this is part of their digital transformation efforts in the transport sector and that this will simplify the payment process by offering multiple payment options, according to an official release.
The adoption of AE Coin in the public transport sector reflects Tawasul Transport’s commitment to support future-focused financial solutions that combine technology, convenience, and sustainability. They will continue working to expand these solutions to cover additional services in the future, she said.
She added: “This is in line with Abu Dhabi’s vision of building a smart and sustainable transport system. We will continue working to expand these solutions to cover additional services in the future.”
Stability and Compliance
Expressing his support and pride for the collaboration, Mbank CEO Mohammed Wassim Khayata said that that AE Coin stablecoin brings stability and compliance to consumer payments using blockchain technology.
As part of its strategic roadmap, Mbank is focused on forging future partnerships with businesses and government entities to expand the adoption of AEC Wallet across various sectors, revolutionising digital payments for both consumers and businesses in the UAE, he explained.
“We are offering customers a future-forward, cashless, secure, and cost-effective way to use public transport. It’s a step forward in bringing the UAE’s Digital Government Strategy 2025 to life,” Khayata added.
Khayata will continue to expand the adoption of the AEC Wallet across various governmental and business sectors.
Ramez Rafeek, General Manager of AED Stablecoin, said that this collaboration with Tawasul Transport marks a pivotal moment for AE Coin and AEC Wallet.
By offering passengers a secure and seamless payment option in all Tawasul taxis, they were demonstrating how digital currencies can integrate effortlessly into everyday life. This partnership exemplifies the power of innovation and cooperation in driving the future of digital payments, and we’re thrilled to be at the forefront of this transformation, he added.
Air Arabia Too
The UAE based low-cost carrier Air Arabia airline also started accepting the AED stablecoin, AE Coin, for payments such as flight booking. The airline is the first in MENA to offer a stablecoin based payment option. Users can book their flights using the AEC Wallet application developed by MBank.
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