UAE Banks Launch New Stablecoin for Local and International Payments

The UAE’s banking industry is embracing the digital asset era, as UAE First Abu Dhabi Bank (FAB), IHC, and sovereign wealth fund ADQ are collaborating to launch a new AED-backed stablecoin. This initiative will aim to facilitate smoother local and international payments. The stablecoin will be issued by FAB and aims to enable secure transactions across various industries and applications, including machine-to-machine interactions and AI initiatives.