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The Central Bank of the UAE (CBUAE) has authorized the launch of the stablecoin AE Coin, which is pegged to the dirham. Furthermore, the dollar-pegged stablecoin USDT has also received regulatory endorsement from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
AE Coin, a stablecoin linked to the dirham, has been licensed by the CBUAE. As reported by Khaleej Times, this represents the first stablecoin officially authorized for use throughout the nation.
The roadmap for AE Coin includes collaborations with prominent financial institutions, payment gateways, and technology providers in the UAE to promote widespread adoption. The AE Coin team has already revealed a partnership with Al Maryah Community Bank (Mbank), which has introduced the AEC Wallet, allowing the utilization of the stablecoin.
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AE Coin is anticipated to transform the digital economy of the country by offering a rapid, secure, and cost-effective payment solution. Future initiatives involve listing the coin on major exchanges and integrating it with decentralized applications (dApps).
In a separate announcement, Tether disclosed that the FSRA has approved the use of USDT within the ADGM free economic zone. USDT tokens issued on the Ethereum, Solana, and Avalanche blockchains will now be available, allowing companies in ADGM to provide services involving the stablecoin.
Earlier in 2024, the central bank of the UAE established a licensing framework for stablecoins, mandating that issuers fully back tokens with dirhams (AED). However, this regulation does not extend to financial instruments confined to special economic zones.
Сообщение UAE Regulators Approve Stablecoins AE Coin and USDT появились сначала на CoinsPaid Media.
