A trio of the major Abu Dhabi institutions, including the highest emirate wealth funds, co -worked to launch a new dirham pegged stablecoin.
The Sovereign Wealth Fund of Abu Dhabi’s ADQ, the largest bank of the United Arab Emirates, First Abu Dhabi Bank (FAB), and the massive conglomery of the International Holding Company, has partnered with Launch StablecoinAwaiting regulation approved, three companies Says on April 28th.
The trio said Stablecoin will be regulated by the UAE central bank and is supported by the country’s money, Dirham. It will also support the use of cases such as machine-to-machine and artificial intelligence.
The goal is to put the UAE on the “leader of the global blockchain change,” while also strengthening the digital infrastructure, according to the ADQ.
If it gets a nod from the regulators, the new stablecoin is Run to Adi Blockchain.
Established in 2018, ADQ is a sovereign wealth fund dedicated to critical infrastructure and global supply chain. Meanwhile, the IHC is one of the largest UAE and conglomerates investment companies with a market value of over $ 243 billion related to Abu Dhabi’s ruling family, the country’s capital.
FAB is the largest bank in the UAE, formed in 2017 through a integration between the First Gulf Bank and the National Bank of Abu Dhabi.
Countries have lined up to challenge US dollar stablecoins
Other countries also announced plans to launch Stablecoins supported by currencies other than the US dollar.
The US dollar-denominated stablecoins market cap crossed $ 230 billion in April, AN increase of 54% since last yearwith Tether (USDT) and USDC (USDC) dominant in 90% of the market.
Related: UAE Stablecoin Issuer gets nod from the Central Bank
A Russian financial ministry officer floats a plan for the country To form its own stablecoin after a freeze In the purses linked to the Russian exchange Garatex by US authorities and Stablecoin Issuer Tether.
However, an April 23 report from the giant banking banking Citigroup Predicting Stablecoin supply remain a denomination of US dollars, along with non -US countries promoting national or Central Bank Digital Currency.
Magazine: Defi will rise again after the memecoins dies: Sasha Ivanov, X Hall of Flame
