First Stablecoin Backed by UAE Dirham Officially Launched

Post by: Raman Preet

AED Stablecoin LLC has successfully secured in-principle approval from the Central Bank of the UAE to launch its stable digital currency, AE Coin. This approval marks a significant milestone as it paves the way for the issuance of the UAE's first-ever dirham-backed stablecoin, aligning with the country's forward-looking vision and the UAE Digital Government Strategy 2025.

Under the newly established ‘Payment Token Services Regulation’ (Circular No. 2/2024), AED Stablecoin will be officially licensed to operate, making AE Coin a fiat-backed stablecoin fully supported by the UAE dirham. This setup ensures that users can enjoy the advantages of blockchain technology while relying on the stability of a traditional currency. The introduction of AE Coin aims to facilitate seamless and secure payment solutions, thereby contributing to the UAE’s rapidly expanding digital economy.

As the first digital currency in the UAE regulated by the Central Bank, AE Coin brings a level of credibility and trust not typically found in cryptocurrencies. Each AE Coin is backed by transparent reserves and undergoes regular audits to ensure stability and security, mitigating the volatility often associated with digital currencies. Furthermore, AE Coin will connect with decentralized finance platforms, enabling users to lend, borrow, and earn interest without the need for intermediaries. The stablecoin utilizes advanced blockchain technology with multi-layer encryption to secure transactions, maintaining compliance with the highest security standards and assuring users of its integrity within the digital financial landscape.

AE Coin's roadmap outlines several exciting developments, including the facilitation of secure payments on e-commerce platforms and the launch of a mobile wallet app to provide users with easy access to their digital currency on the go. The stablecoin aims to expand its use cases by forming partnerships with merchants, allowing for diverse digital currency transactions.

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Ramez Rafeek, General Manager of AED Stablecoin, expressed enthusiasm about the approval, stating, “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 both businesses and individuals, AE Coin represents a new era of transparent and cost-effective financial services, with applications ranging from everyday payments to innovative decentralized finance (DeFi) solutions. The stablecoin offers fast and low-cost transactions while operating under the rigorous oversight of the Central Bank of the UAE, positioning AE Coin as a leader in the country’s shift towards a seamless and innovative digital economy.

By merging stability with security, AE Coin serves as an ideal solution for various use cases. Companies in the UAE stand to benefit from instant and stable payments using AE Coin, improving cash flow management while reducing transaction costs. Additionally, individuals seeking a secure and user-friendly digital currency for daily transactions will find AE Coin advantageous. The stablecoin simplifies domestic transfers, offering lower costs compared to traditional banking methods.

AE Coin's strategic plans include forging partnerships with leading financial institutions, payment gateways, and technology providers to accelerate its adoption. Future goals encompass integration with decentralized applications (dApps) and listings on prominent cryptocurrency exchanges, further solidifying AE Coin’s role in the evolving digital currency landscape

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