Abu Dhabi to Launch Dirham-Backed Stablecoin, Signaling Crypto Growth

Abu Dhabi’s major players, including ADQ sovereign wealth fund, conglomerate IHC, and First Abu Dhabi Bank (FAB), have unveiled plans for a new stablecoin pegged to the UAE’s Dirham. This move signifies a significant step towards bolstering cryptocurrency adoption in the Gulf region, as it will be overseen by the UAE Central Bank. This ambitious initiative marks a significant investment from Gulf nations into the digital currency sector.