{"id":128175,"date":"2025-04-29T06:17:33","date_gmt":"2025-04-29T06:17:33","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=128175"},"modified":"2025-04-29T06:17:33","modified_gmt":"2025-04-29T06:17:33","slug":"abu-dhabi-institutional-giants-team-up-for-dirham-stablecoin","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=128175","title":{"rendered":"Abu Dhabi institutional giants team up for dirham stablecoin"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA trio of major Abu Dhabi institutions, including the Emirate\u2019s sovereign wealth fund, have teamed up to launch a new dirham-pegged stablecoin.<br \/>\nAbu Dhabi\u2019s sovereign wealth fund ADQ, the United Arab Emirates&#8217; largest bank, First Abu Dhabi Bank (FAB), and the massive conglomerate the International Holding Company, have partnered to launch the stablecoin, pending regulatory approval, three companies said on April 28.<br \/>\nThe trio said the stablecoin would be regulated by the UAE\u2019s central bank and backed by the country\u2019s currency, the dirham. It will also support use cases such as machine-to-machine and artificial intelligence.<br \/>\nSource: IHCThe goal is to place the UAE at the \u201cforefront of global blockchain innovation,\u201d while also strengthening the digital infrastructure, according to ADQ.<br \/>\nIf it gets the nod from regulators, the new stablecoin will operate on the ADI blockchain, created by the ADI Foundation, a nonprofit organization dedicated to helping established financial systems and governments advance and adopt blockchain technology.<br \/>\nEstablished in 2018, ADQ is a sovereign wealth fund focused on critical infrastructure and global supply chains. Meanwhile, IHC is one of the UAE\u2019s largest investment firms and conglomerates with a market value of over $243 billion that has ties to the ruling family of Abu Dhabi, the country\u2019s capital.<br \/>\nFAB is the largest bank in the UAE, formed in 2017 through a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD).<br \/>\nCountries line up to challenge US dollar stablecoins<br \/>\nOther countries have also announced plans to launch stablecoins backed by currencies other than the US dollar.<br \/>\nThe market cap of US dollar-denominated stablecoins crossed $230 billion in April, an increase of 54% since last year, with Tether (USDT) and USDC (USDC) dominating 90% of the market.<br \/>\nRelated: UAE stablecoin issuer gets nod from central bank<br \/>\nA Russian finance ministry official has floated a plan for the country to develop its own stablecoin after a freeze on wallets linked to the sanctioned Russian exchange Garantex by US authorities and stablecoin issuer Tether.\u00a0<br \/>\nHowever, an April 23 report from investment banking giant Citigroup predicts the stablecoin supply will remain US dollar-denominated, with non-US countries promoting national or central bank digital currency.<br \/>\nMagazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame<a href=\"https:\/\/cointelegraph.com\/news\/trio-of-abu-dhabi-institutional-giants-team-up-for-new-bank-backed-stablecoin?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA trio of major Abu Dhabi institutions, including the Emirate\u2019s sovereign wealth fund, have teamed up to launch a new dirham-pegged stablecoin. Abu Dhabi\u2019s sovereign wealth fund ADQ,&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128175"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128175"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128175\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128175"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}