Reuters: Abu Dhabi Sovereign Wealth Fund Plans to Launch Dirham Stablecoin in Partnership with Multiple Entities

Blockbeats

04-29

BlockBeats News, April 29th, according to Reuters, Abu Dhabi sovereign wealth fund ADQ, conglomerate IHC (IHC.AD), and the UAE's largest bank by assets First Abu Dhabi Bank (FAB.AD) announced on Monday plans to launch a new dirham-backed stablecoin. The dirham is the official currency of the United Arab Emirates (UAE).

The three companies stated in a release that the stablecoin will be fully regulated by the United Arab Emirates Central Bank. This move signals further investment in the cryptocurrency space by Gulf countries.

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