On April 29th, according to Reuters, Abu Dhabi's sovereign wealth fund ADQ, corporate group IHC (IHC. AD), and the largest asset size bank in the United Arab Emirates, First Abu Dhabi Bank (FAB. AD), announced plans on Monday to launch a new stablecoin backed by the dirham, 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 United Arab Emirates. This measure marks a further deepening of investment by Gulf countries in the cryptocurrency field.