UAE Central Bank-Approved US Dollar Stablecoin for Digital Settlements

A new US dollar stablecoin, endorsed by the UAE central bank, is set to enhance digital asset transactions and settlements.

The UAE central bank has introduced a new stablecoin pegged to the US dollar, aimed at facilitating digital asset settlements. This initiative reflects a growing trend in the region towards blockchain and cryptocurrency adoption.

This stablecoin is underpinned by US dollar reserves which are securely held in prominent financial institutions, including Emirates NBD, Mbank, and Mashreq. The backing by these reputable banks is expected to instill confidence among users and investors.