Reuters: Abu Dhabi sovereign wealth fund plans to collaborate with multiple entities to launch a dirham stablecoin

ChainCatcher news, according to Reuters, Abu Dhabi sovereign wealth fund ADQ, corporate group IHC (IHC.AD), and the largest bank by assets in the UAE, First Abu Dhabi Bank (FAB.AD), announced on Monday their plan to launch a new stablecoin backed by the dirham, which is the official currency of the United Arab Emirates (UAE).

The three companies stated in a statement 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.