First Abu Dhabi Bank (FAB) plans to launch a Dirham stablecoin in partnership with investment firm IHC and sovereign investor ADQ. The stablecoin will be issued on the ADI blockchain, subject to regulatory approval by the Central Bank of the UAE.
The partners said the intention is for the stablecoin to be used by consumers, corporates and institutions, both domestically and for cross border payments, as well as for AI machine-to-machine payments.
The stablecoin will be launched on the ADI blockchain. The non profit ADI Foundation was launched three months ago, and was founded by IHC and one of its subsidiaries. It unveiled a $120 million fund to finance social impact business using blockchain technology. Earlier this month Guillaume de La Tour joined the ADI Foundation as its CEO. He previously led Digital Assets at Crédit Agricole as well as digital innovation.
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