UAE's First Dirham-Pegged Stablecoin Set for Launch on ADI Chain
The United Arab Emirates (UAE) is set to launch its first dirham-pegged stablecoin, with the ADI Chain blockchain serving as the platform. The initiative, pending regulatory approval, is a collaboration between Investment Corporation of Dubai (IHC), Abu Dhabi Development Holding (ADQ), and First Abu Dhabi Bank (FAB).
ADI Chain, built using ZKsync's Airbender technology, is designed for speed and efficiency. It delivers Ethereum block proofs in approximately 35 seconds using a single GPU, significantly faster than many other blockchains. The testnet went live on August 21, and the mainnet is expected to launch soon.
ADI Chain has joined the ZKsync Elastic Network, alongside other active chains like ZKsync Era and Cronos zkEVM. This network allows for seamless interoperability and scalability, further enhancing ADI Chain's capabilities.
The UAE's first dirham-pegged stablecoin, to be issued on the ADI Chain, is a significant step towards digital currency adoption. With its fast processing speeds and regulatory backing, this stablecoin could pave the way for broader cryptocurrency use in the UAE.
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