UAE Approves AE Coin AED Stablecoin for All Federal Government Payments
The UAE federal government has formally recognized AE Coin, an AED-pegged stablecoin developed by MBank, for settling government service fees. This regulatory milestone enables both individuals and businesses to process official payments through the AEC Wallet across multiple public services.
Key financial institutions including Abu Dhabi Islamic Bank (ADIB) and Commercial Bank of Dubai (CBD) have signed agreements to support the stablecoin's integration. Payment processor Network International is collaborating with MBank to develop the necessary infrastructure, ensuring compliance with existing financial frameworks.
"We are building a nation with a fully digital financial ecosystem," stated His Excellency Saeed Rashed Al Yateem, Assistant Undersecretary for Resources and Budget at the Ministry of Finance. The MOVE aligns with the UAE's broader strategy to modernize its economic infrastructure through blockchain adoption.
