The Central Bank of the UAE has approved the first AED (UAE Dirham) stablecoin, called AE Coin, which is set to launch soon. AE Coin aims to provide an instant, secure, stable, innovative, low-cost, and efficient payment experience, revolutionizing the financial services landscape in the UAE. One AE Coin will be equivalent to one UAE Dirham and it aims to support financial inclusion and innovation in industries such as e-commerce, remittances, and decentralized finance (DeFi). The stablecoin market in the UAE has experienced significant growth, with stablecoins accounting for the largest share of crypto activity in the country. Retail-sized transactions make up the majority of stablecoin transfers, indicating a highly active market for retail investors. Tether has also announced plans to launch an AED-backed stablecoin in partnership with Green Arcon Investments Ltd and Phoenix Group PLC.
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