Stablecoin at the pump. The AE Coin, backed by the dirham of the United Arab Emirates, is gradually establishing itself as a large-scale payment solution in the country and in the sub-region. It will soon be found at the pump in all ADNOC Distribution gas stations, the largest local retailer. The company has indeed just signed a partnership with Al Maryah Community Bank to offer this payment method in its 980 stations spread across 3 countries.
Key points of this article:
The AE Coin, a stablecoin backed by the dirham of the United Arab Emirates, has been adopted as a means of payment by ADNOC Distribution in 980 gas stations.
This partnership allows ADNOC Distribution to become the first fuel retailer in the Emirates to accept digital payments via AE Coin, a turning point in the adoption of cryptocurrencies in the region.
The stablecoin AE Coin is available in 980 gas stations
It is increasingly evident that the United Arab Emirates is undoubtedly one of the countries most inclined to adopt cryptocurrencies. A dynamic supported by Dubai's Crown Prince himself, Sheikh Hamdan bin Mohammed, who is notably behind a locally applied regulation that has been successfully in place since the beginning of 2024.
It is in this context that the local stablecoin AE Coin is becoming a no-brainer, pegged to the dirham of the United Arab Emirates and supported by the country's central bank, the crypto has just entered a new phase of its development.
Indeed, the largest fuel retailer in the country, ADNOC Distribution, has just signed a partnership with Al Maryah Community Bank. This is to allow its customers to pay in AE Coin at its 980 gas stations spread across the United Arab Emirates, the Kingdom of Saudi Arabia, and Egypt.
The announcement was made during the Abu Dhabi Finance Week – Source: Account X
An emblematic cryptocurrency of the United Arab Emirates
According to the official statement, this decision allows ADNOC Distribution to "become the first fuel and commodities retailer in the United Arab Emirates to accept digital payments via AE Coin." With the stated goal of "offering safe and convenient payment options" to its customers:
"This decision is an important step in ADNOC Distribution's efforts to bring secure and regulated digital payments to everyday retail."
Head of ADNOC Distribution – Source: Press Release
This cryptocurrency pegged to the dirham of the United Arab Emirates is now available in the 562 local stations of the group, as well as in 172 stations in Saudi Arabia and 243 in Egypt.
This stablecoin is thus establishing itself as a regulated means of payment in the country and continuing its local implementation alongside other crypto stars in the industry.
