UAE Regulators Unveil Plan for Stablecoin Conversion Rails

AE Coin and USD Universal have launched a joint initiative to develop a regulated settlement rail for converting between UAE dirham and US dollar stablecoins.

The system, powered by Al Maryah Community Bank, enables near-instant exchange between the dirham-pegged AE Coin and the US dollar-backed USDU within the UAE's payment token framework. The conversion mechanism is intended for liquidity management and cross-border payments.

Initially, access to the settlement rail will be provided through two regulated digital asset service providers operating in the UAE: Aquanow and Changer.ae. Both companies are licensed by the UAE authorities and offer services such as buying, selling, and storing cryptocurrencies.