IHC, ADQ, and First Abu Dhabi Bank (FAB) have announced plans to introduce a new UAE Dirham-backed stablecoin, which will be fully regulated by the Central Bank of the United Arab Emirates (CBUAE) and, subject to regulatory approval.
The new stablecoin, issued by FAB, the nation’s largest bank, will revolutionize the ease of making payments and doing business, both locally and globally, putting the UAE at the forefront of global blockchain innovation as a leading fintech hub, while strengthening UAE’s digital infrastructure.
According to the statement, the UAE Dirham-backed stablecoin is designed to enable payment for the world where identity, governance, and value flow freely, securely, and verifiably.
This stablecoin will be used as a reliable digital currency across a wide range of everyday scenarios – by citizens and consumers, businesses, and institutions. It will also support emerging digital use cases such as machine-to-machine and AI.
Dirham-backed stablecoin built on ADI blockchain
The new UAE Dirham-backed stablecoin will operate on the ADI blockchain, a cutting-edge technology developed in the UAE by the ADI Foundation, which will provide a compliant distribution network for blockchain payments.
ADI Foundation connects established financial systems with next generation blockchain technology to create real-world impact, allowing citizens of emerging countries to compete and operate on a global scale, which previously would have been impossible. ADI Foundation already has strategic partnerships with governments in over 20 countries.
His Excellency Mohamed Hassan Alsuwaidi MD & CEO – ADQ
“The launch of the UAE Dirham-backed stablecoin marks a pivotal step in our commitment to strengthening the UAE’s digital infrastructure ecosystem. As we move forward towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient, and scalable, while creating new opportunities for growth and value creation.”
Syed Basar Shueb, CEO of IHC, said that, “This new UAE Dirham-backed stablecoin represents a major breakthrough in the development of digital currencies, and we are proud to have played a key role in its creation. By bringing IHC’s expertise in blockchain and fintech, we look forward to working with our partners to explore its vast potential and drive innovation in the UAE.”
“As a founding partner of this leading technology, FAB is proud to be at the forefront of global innovation, driving continued growth within the UAE’s dynamic fintech sector. This new stablecoin represents a transformative step forward and will revolutionize the way both consumers and businesses engage with trusted blockchain payments in the UAE,” commented Hana Al Rostamani, Group Chief Executive Officer of FAB.
Guillaume de La Tour, CEO of ADI Foundation, noted that, “This stablecoin marks a pivotal milestone in the UAE’s journey toward a more inclusive and digitally empowered economy. By leveraging the ADI blockchain, we are enabling secure, transparent, and efficient transactions at scale — built on technology developed right here in the UAE. The ADI Foundation is proud to support this visionary initiative that aligns with our mission to advance sustainable digital transformation around the world.”
The new UAE Dirham-backed stablecoin is expected to have a significant impact on various industries, including finance, commerce, and trade. Its launch marks an important step towards realizing the UAE’s vision of becoming a leading hub for innovation and financial technology.
