First UAE-dirham backed stablecoin launched

AED Stablecoin LLC has secured in-principle approval from the Central Bank of the UAE to launch and establish its own stable digital currency, AE Coin.

Under the ‘Payment Token Services Regulation’ (Circular No. 2/2024), AED Stablecoin will be licensed by the Central Bank to issue the UAE’s first-ever dirham-backed stablecoin, aligning with the country’s forward-looking vision and the UAE Digital Government Strategy 2025.

As a fiat-backed stablecoin, each AE Coin is fully supported by the UAE dirham, ensuring users benefit from both blockchain’s agility and the reliability of traditional currency. The introduction of AE Coin is expected to enable seamless, secure payment solutions while contributing to the UAE’s rapidly expanding digital economy.

AE Coin is the first digital currency in the UAE regulated by the Central Bank, offering unprecedented credibility and trust. Backed by the UAE Dirham, AE Coin maintains stability and security through transparent reserves and regular audits, mitigating the volatility commonly associated with cryptocurrencies. AE Coin also integrates with decentralized finance platforms, enabling users to engage in lending, borrowing, and earning interest without intermediaries. In addition, AE Coin leverages state-of-the-art blockchain technology with multi-layer encryption, ensuring that all transactions are secure and transparent and adheres to the highest standards of security and compliance, assuring users of its credibility in the digital financial ecosystem.

AE Coin’s roadmap includes enabling secure payments across e-commerce platforms, introducing a mobile wallet app for easy access on the go and expanding use cases by partnering with merchants for digital currency transactions.

Ramez Rafeek, General Manager of AED Stablecoin, expressed: “We are thrilled to receive approval from the Central Bank of the UAE to begin issuing AE Coin. As the first stablecoin regulated by the Central Bank, AE Coin will revolutionize the digital currency space by providing financial freedom, unmatched stability, and enhanced security.”