UAE developing regulatory framework for Dirham-USD stablecoin swaps

The United Arab Emirates (UAE) is discussing the establishment of a regulatory framework for exchanging Dirham- and U.S. dollar-pegged stablecoins, Cointelegraph reported. The framework would cover AE Coin, a Dirham-based stablecoin licensed by the UAE Central Bank, and USDU, a dollar-based stablecoin that complies with regulations from the Abu Dhabi Global Market's Financial Services Regulatory Authority. Payment infrastructure for the system will be handled by Al Maryah Community Bank. The system is designed for institutional payments, treasury management, and cross-border remittances, with plans to expand its use to trade finance and multi-currency payments in the future.