e& UAE is set to transform the digital payments landscape by partnering with Al Maryah Community Bank to introduce AE Coin, a Central Bank licensed stablecoin pegged to the UAE Dirham (AED). This innovative move signals a major step forward in the UAE’s drive toward digital finance, enabling customers to use AE Coin for payments across a wide range of services, including telecom bills, top-ups, and recharges.
This strategic partnership integrates AE Coin into e& UAE’s payment systems, offering users a stable, secure, and transparent digital currency for their everyday transactions. The plan also includes expanding AE Coin usage to smart kiosks and e-commerce platforms, making it easier for customers to make seamless payments across various channels. Hatem Dowidar, CEO of e& Group, highlighted the importance of providing customers with instant settlements and greater payment flexibility, strengthening the company’s digital offerings.
AE Coin: The Future of Regulated Payments in UAE’s Telecom Industry
The launch of AE Coin is part of the UAE’s larger vision to promote blockchain technology and digital currencies as mainstream payment methods. By using a stablecoin backed by the UAE Dirham, the project ensures that customers can rely on a stable and predictable currency, making digital transactions more accessible and secure. This initiative aligns with the national goal to build a cashless economy and further develop blockchain-enabled financial services.
Al Maryah Community Bank is playing a key role in supporting the real-world application of AE Coin, testing its utility in large-scale consumer services. As demand for regulated, stable virtual assets grows, the collaboration with e& UAE aims to create a model for widespread adoption. Ramez Rafeek, General Manager of AED Stablecoin LLC, emphasized that AE Coin is designed to serve not only trading platforms but everyday consumer needs, marking a new chapter in the evolution of digital payments.
UAE and Singapore Lead the World in Crypto Engagement
As the UAE moves forward with AE Coin, it also aligns with the country’s rising status as a global leader in cryptocurrency engagement. According to a recent study by ApeX Protocol, the UAE ranks second globally in crypto adoption, with 25.3% of its population owning digital assets. This marks a dramatic 210% increase in adoption over recent years, with a significant surge seen in 2022 when over 34% of residents reported holding crypto assets.
This surge in crypto adoption places the UAE just behind Singapore, which took the top spot with a perfect composite score of 100. The UAE’s strong crypto engagement is reflected not only in its growing crypto ownership but also in its dominance in blockchain technology and financial innovation.
As AE Coin integrates further into the country’s financial landscape, it solidifies the UAE’s position as a global crypto hub, setting a strong example for how blockchain can be leveraged to enhance everyday payments and services.