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Tue, Oct 15, 2024 | Rabi al-Thani 12, 1446 | DXB
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First UAE-dirham backed stablecoin launched
AED Stablecoin receives in-principle approval from Central Bank of the UAE
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.
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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.”
For businesses and individuals alike, AE Coin promises a new era of transparent, cost-effective financial services, offering a wide range of applications — from payments to decentralized finance (DeFi) solutions.
AE Coin allows for fast, low-cost transactions, all while operating under the strict regulatory oversight of the Central Bank of the UAE. This positions AE Coin at the forefront of the UAE’s transition to a seamless, innovative digital economy.
AE Coin merges stability and security, making it an ideal solution for various use cases - companies in the UAE can benefit from instant, stable payments using AE Coin, improving cash flow management and reducing transaction costs. AE Coin is will also help individuals seeking a secure, easy-to-use digital currency for daily transactions. In addition, AE Coin facilitates faster, more efficient transactions, simplifying domestic transfers with lower costs than traditional banking.
AE Coin’s strategy includes forming partnerships with leading financial institutions, payment gateways, and technology providers to accelerate adoption. Future goals include integrating with decentralized applications (dApps) and listings on major cryptocurrency exchanges.
A Staff Reporter
Got an interesting story to tell in the UAE? We want to hear all about it. Write to the nation's best reporting team, as we cover the emirates like no one else.
reporters@khaleejtimes.com 
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