Reuters: Abu Dhabi sovereign wealth fund plans to launch dirham stablecoin in partnership with multiple entities

Odaily News Abu Dhabi sovereign wealth fund ADQ, conglomerate IHC (IHC.AD) and First Abu Dhabi Bank (FAB.AD), the largest bank in the UAE by assets, announced plans on Monday to launch a new stablecoin backed by the dirham, the official currency of the United Arab Emirates (UAE), Reuters reported. The three companies said in a statement that the stablecoin will be fully regulated by the UAE Central Bank. The move marks a further deepening of the Gulf state's investment in the cryptocurrency sector.