The three major institutions including the Abu Dhabi sovereign wealth fund, ADQ, plan to cooperate to launch the Dirham stablecoin.

On April 28th, UAE International Holding Company, sovereign wealth fund Abu Dhabi Development Holding Company, and Abu Dhabi First Bank announced plans to launch a new stablecoin supported by the UAE dirham. The stablecoin will be fully regulated by the UAE Central Bank and issued by the largest bank in the UAE, FAB. The stablecoin will require approval from regulatory authorities. The statement said that the stablecoin will become a reliable digital currency for citizens, consumers, businesses, and institutions to use in various everyday scenarios.