Abu Dhabi Institutions Launch Dirham Stablecoin

A collaboration between three major Abu Dhabi-based institutions has unveiled a new dirham-pegged stablecoin. The initiative involves ADQ, the UAE’s sovereign wealth fund, First Abu Dhabi Bank (FAB), and the International Holding Company (IHC). Pending regulatory approval, the trio aims to launch the stablecoin on the ADI blockchain, established by the ADI Foundation, which focuses on advancing and integrating blockchain technology.