One more stablecoin. While the stablecoins backed by the US dollar are on the rise, other countries are planning to launch theirs. This is particularly the case for the United Arab Emirates who have just announced the launch of a stablecoin leaning against the national dirham. These cryptocurrencies not like the others are resolutely The new stars of the world economy!
- Abu Dhabi has unveiled a stablecoin leaning against the Dirham, supported by local major players such as Adq, IHC and Fab.
- This stablecoin, regulated by the central bank of the United Arab Emirates, was designed to facilitate cross -border payments and transactions linked to artificial intelligence.
Abu Dhabi unveils his stablecoin leaning against the dirham…
On April 28, the Sovereign Fund Adq, the First Abu Dhabi Bank (Fab) and theInternational Holding Company (IHC) therefore have announcement The launch of a Stablecoin leaned in dirhamthe national currency of the United Arab Emirates.
According to this declaration, this new stablecoin will be regulated by the Central bank of the United Arab Emirates and supported by the dirham. In practice, it will make it possible to make cross-border payments, as well as machine-to-machine payments and transactions linked to artificial intelligence.
This stable will be issued on the ADI blockchain, developed by the ADI Foundation. As a reminder, the ADI Foundation is a organization non -profit that helps financial systems and governments to adopt the Blockchain technology.
Finally, on the regulation side, this new stable Waiting for the approval of the competent authorities before being launched.
… With a size of size between local giants
As we have seen previously, this project is the fruit of collaboration Between three giants of Abu Dhabi that are:
- ADQ : launched in 2018, this is a sovereign fund focused on critical infrastructure and global supply chains;
- IHC : this is one of the largest Investment companies And conglomerates United Arab Emirates, with a market value of more than $ 243 billion;
- Fab : the plus Big Bank of the United Arab Emiratesfrom the merger between First Gulf Bank And National Bank of Abu Dhabi.
The managers of these three entities were delighted with such a project which « Mark a crucial step in our commitment to strengthen the country’s digital infrastructure ecosystem » First declared He Mohamed Hassan Alsuwaidi, Managing Director and CEO of the Adq group.
For Syed Basar Shueb, CEO of IHC, « This new stablecoin represents a major breakthrough in the development of digital currencies » And finally, for Guillaume de la Tour, CEO of the Adi Foundation, this stablecoin « Place water at the forefront of global innovation and will allow even greater growth in the flourishing sector of financial technologies ».
Stablecoins are the big winners in recent months with a sharp increase and projects that multiply in the Persian Gulfbut also around the world. And what about Mastercard who has just officially announced to integrate these cryptocurrencies In its global payment network!