Summary
- The UAE sovereign wealth fund ADQ and major companies have announced plans to launch a dirham-based stablecoin.
- It was stated that compliance with UAE central bank regulations is important for the stablecoin.
- This project is being pursued as part of a strategy to enhance the competitiveness of Abu Dhabi's virtual asset industry.
According to Reuters on the 28th (local time), the United Arab Emirates (UAE) Abu Dhabi sovereign wealth fund ADQ, local conglomerate IHC, and UAE First Abu Dhabi Bank (FAB) announced plans to jointly launch a stablecoin based on the UAE's legal currency, the dirham. The stablecoin will comply with local central bank regulations and is being pursued as part of Abu Dhabi's strategy to enhance the competitiveness of its virtual asset (cryptocurrency) industry. 
JH Kim
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