AED Stablecoin LLC, the issuer of AE Coin, has received permission from the UAE Central Bank to issue a stablecoin backed by the country’s pioneer dirham.
This initiative is in line with the UAE’s future vision and Digital Government Strategy 2025, as outlined in the Payment Token Services Regulation.
Dirham-backed stablecoin details
AE Coin offers users the agility of blockchain technology and the reliability of the UAE Dirham currency. The dirham-backed stablecoin is being launched to power payment solutions and contribute to the UAE’s burgeoning digital economy.
Each AE coin is backed by transparent reserves and undergoes regular audits to mitigate recent failures seen in the stablecoin market.
Additionally, the dirham-backed stablecoin will be integrated with decentralized finance (DeFi) platforms. This is so that users can borrow, lend, and participate in interest-earning activities without intermediaries.
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Following the latest developments, AED Stablecoin General Manager Ramez Rafique expressed enthusiasm for the approval.
AE coin roadmap
AE Coin is designed to facilitate fast and low-cost transactions, enhance cash flow management for businesses, and simplify daily transactions for individuals. The roadmap includes plans to launch an easily accessible mobile wallet app to facilitate secure payments on e-commerce platforms.
Additionally, parent company AED Stablecoin LLC plans to partner with financial institutions, technology providers, and payment gateways to accelerate adoption. Future goals also include integration with dApps and listing on major cryptocurrency exchanges.
stablecoin market
Overall, with approval from the UAE Central Bank, AED Stablecoin LLC joins the fast-growing $172 billion stablecoin market and positions itself as a non-dollar competitor alongside the likes of euro-backed stablecoin EURC. established.
Circle, the second-largest dollar-backed stablecoin issuer, launched its first-ever MiCA-compliant stablecoin on the Base blockchain in July. Since then, EURC has grown to a market capitalization of $82.6 million. Other non-dollar-backed stablecoins include Anchorcoin (AEUR) and Tether (EURt).
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
