UAE telecom operator e& pursues stablecoin adoption… collaborates with local bank

The United Arab Emirates (UAE) telecom operator e& is pursuing the introduction of stablecoins.

On the 11th (local time), Cointelegraph reported that e& signed a memorandum of understanding (MOU) with Al Maryah Community Bank (M Bank) to introduce stablecoins. Hatem Dowidar, e& chief executive officer (CEO), said, "(Stablecoins) enable instant payments, full transparency, and seamless accessibility."

Through this partnership, e& plans to determine whether it can integrate the stablecoin 'AE Coin' into its payment infrastructure. 'AE Coin' is a dirham-backed stablecoin approved by the UAE Central Bank (CBUAE). Cointelegraph reported, "As a pilot project, e& customers will be able to pay for mobile phone and household service bills, top up prepaid lines, and so on, using stablecoins."

e& is also considering integrating stablecoins into its e-commerce system. Cointelegraph said, "This move shows growing interest in blockchain within the financial system," adding, "(However) it is still an early-stage pilot, and several steps are needed before large-scale adoption."

The United Arab Emirates (UAE) telecom operator e& is pursuing the introduction of stablecoins.

On the 11th (local time), Cointelegraph reported that e& signed a memorandum of understanding (MOU) with Al Maryah Community Bank (M Bank) to introduce stablecoins. Hatem Dowidar, e& chief executive officer (CEO), said, "(Stablecoins) enable instant payments, full transparency, and seamless accessibility."

Through this partnership, e& plans to determine whether it can integrate the stablecoin 'AE Coin' into its payment infrastructure. 'AE Coin' is a dirham-backed stablecoin approved by the UAE Central Bank (CBUAE). Cointelegraph reported, "As a pilot project, e& customers will be able to pay for mobile phone and household service bills, top up prepaid lines, and so on, using stablecoins."