①ADNOC Distribution signed a memorandum to promote the integration of the stablecoin AE Coin into daily retail and transportation payments; ②AE Coin, approved by the Central Bank of the UAE, is designed using blockchain technology and pegged to the dirham at a 1:1 ratio; ③This collaboration marks an early standardized application of digital token payments in everyday scenarios, transforming cryptocurrency into practical large-scale applications.
During the recent Abu Dhabi Finance Week, ADNOC Distribution, a subsidiary of Abu Dhabi National Oil Company, signed a key memorandum aimed at further integrating the Central Bank of the UAE-backed stablecoin AE Coin into daily retail and transportation payments. This initiative will expand blockchain transactions to cover ADNOC Distribution’s extensive retail network across the UAE.
This initiative will be jointly advanced by ADNOC Distribution and Al Maryah Community Bank, the first fully integrated digital bank in the UAE.
AE Coin, approved for issuance by the Central Bank of the UAE at the end of 2024, is the country's first officially regulated digital currency. It is pegged to the dirham at a 1:1 ratio, meaning that one AE Coin is equivalent in value to one dirham, ensuring price stability.
Unlike typical speculative cryptocurrencies, AE Coin aims to provide a secure, compliant, and instant alternative payment solution for the development of the UAE’s digital economy. It is specifically designed for daily payment scenarios and leverages blockchain technology to achieve transparent and immutable settlements.
According to the agreement, AE Coin will be fully integrated into ADNOC Distribution’s payment system via Al Maryah Community Bank’s AEC wallet, covering major transaction points such as gas stations, service stations, Oasis convenience stores, and car washes, offering customers secure, transparent, and efficient blockchain-based transaction services.
This move marks the early standardization of digital token payments in the transportation and retail sectors, demonstrating how next-generation payment technologies can be effectively utilized in mainstream retail environments, thereby transforming the concept of cryptocurrency into practical, large-scale applications.
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, stated that this collaboration represents a historic moment for the UAE’s financial and retail industries. By implementing virtual asset payment methods within ADNOC Distribution’s retail network, this partnership is introducing millions of consumers to the future of digital transactions.
He further emphasized that this is a real-world example showcasing how secure, regulated blockchain technology can streamline payment processes, enhance usability, and support the acceleration of the UAE’s digital transformation efforts.
This collaboration advances the UAE’s ongoing efforts to establish a secure and compliant digital payment ecosystem, promoting the nation’s digital economy strategy while enhancing the efficiency and transparency of transactions in both public and private sectors.
Editor/Doris