UAE Explores Regulatory Framework for Stablecoin Swaps

The United Arab Emirates is in the process of developing a regulatory framework for swaps between stablecoins pegged to the dirham and the U.S. dollar. According to NS3.AI, this framework will encompass AE Coin, a dirham stablecoin authorized by the UAE Central Bank, and USDU, a dollar stablecoin that adheres to the regulations set by the Abu Dhabi Global Market Financial Services Regulatory Authority. Al Maryah Community Bank is designated to manage the payment infrastructure for this system.