UAE Central Bank Approves US Dollar-Backed Stablecoin for Digital Dirham

The Central Bank of the United Arab Emirates (CBUAE) has granted approval for a new stablecoin fully backed by the US Dollar (USD). This strategic move is a key component of the nation's broader Central Bank Digital Currency (CBDC) initiative, known as the Digital Dirham project. The approved stablecoin aims to enhance the efficiency of cross-border payments and bolster the digital asset ecosystem within the UAE. This regulatory green light marks a significant step in the country's efforts to position itself as a global hub for financial technology and digital currency innovation, providing a regulated bridge between traditional finance and the crypto economy.