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According to Deep Tide TechFlow news on April 29, Reuters reported that Abu Dhabi Sovereign Wealth Fund ADQ, the largest asset bank in the UAE, First Abu Dhabi Bank (FAB), and corporate group IHC announced plans to launch a stablecoin backed by dirhams.
The stablecoin will be fully regulated by the Central Bank of the UAE and will be issued by FAB after obtaining regulatory approval. The three parties stated that this stablecoin will serve as a reliable digital currency, widely used by citizens, consumers, businesses, and institutions in everyday scenarios.