On April 29, according to Reuters, ADQ, the Abu Dhabi sovereign wealth fund, corporate group IHC (IHC.AD), and First Abu Dhabi Bank (FAB.AD), the largest bank by asset size in the UAE, announced on Monday their plan to launch a new stablecoin backed by the dirham, the official currency of the United Arab Emirates (UAE).
The three companies stated in their announcement that the stablecoin will be fully regulated by the Central Bank of the UAE. This initiative marks a further deepening of investment in the cryptocurrency sector by Gulf countries.
