UAE Leads New Phase of Stablecoins
Arthur D. Little reports that the United Arab Emirates is leading an regional shift toward regulated stablecoins, developing systems for dollar-backed stablecoins and digital currencies linked to the Emirati Dirham. This approach aims to support international and cross-border transactions while strengthening the UAE's ability to use local digital currencies for regional and domestic payments, within a regulatory framework that balances financial stability with sovereign sovereignty. Although dollar-backed currencies still account for approximately 97% of the market, non-dollar stablecoins are experiencing significant growth, with their ownership increasing by up to 2900% since the beginning of 2023. This ensures diversification of financial instruments and a spreading of roles among different digital currencies in the future.
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