PANews reported on April 29 that according to Jiemian News, on April 28, the UAE International Holding Company (IHC), the sovereign wealth fund Abu Dhabi Development Holding Company (ADQ) and the First Abu Dhabi Bank (FAB) announced plans to launch a new stablecoin backed by the UAE dirham, which will be fully regulated by the UAE Central Bank and issued by FAB, the largest bank in the UAE. The stablecoin is subject to regulatory approval.

The statement said the stablecoin will become a reliable digital currency used by citizens, consumers, businesses and institutions in various daily scenarios.