Summary
- AE Coin and Universal said they will jointly develop a real-time conversion system between the dirham-based AE Coin and the dollar-based USDU.
- The system will be built with support from Al Maryah Community Bank, a state-owned bank in the UAE, for cross-border payments and liquidity management.
- USDU and AE Coin have each received UAE regulatory and license approvals, and the companies plan to expand the system into trade finance and multicurrency payments.
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The United Arab Emirates will introduce a real-time conversion system between stablecoins pegged to the dirham and the U.S. dollar, a move aimed at improving payment convenience for institutional investors and maximizing cash management efficiency.
AE Coin and Universal will jointly develop a system for instant conversion between the dirham-based AE Coin stablecoin and the dollar-based USDU, Cointelegraph reported on May 7.
The system will be built with technical support from Al Maryah Community Bank, a state-owned bank in the UAE. It will allow institutions to convert the two assets in real time for use in cross-border payments and liquidity management. The initial service will be offered through local virtual asset service providers Aquanow and Changer.ae.
USDU was the first dollar-based stablecoin registered in January under the UAE's payment token service regulations and is currently approved for institutional and professional use. AE Coin also operates under a formal license from the Central Bank of the UAE.
The companies plan to expand the conversion system into trade finance and multicurrency payments. They also intend to broaden its use through links with fintech platforms specializing in cross-border remittances.
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