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UAE Central Bank Approves $AED Dirham-Pegged Stablecoin

Oct 14, 2024, 01:14 PM

The Central Bank of the United Arab Emirates (CBUAE) has granted in-principle approval to AED Stablecoin under its Payment Token Service Regulation framework. This approval positions AED Stablecoin as the frontrunner for the first regulated dirham-pegged stablecoin in the UAE. The approval is seen as a significant step for crypto enthusiasts and merchants, as it clears the way for the establishment of AED Stablecoin LLC's currency, $AED. The regulatory framework, approved in June 2024, stipulates that stablecoins must be backed by the UAE Dirham (AED) to limit the influence of foreign-denominated offerings.