UAE's Sheikh Tahnoon backs domestic and US stablecoins
The deputy ruler of Abu Dhabi is a major shareholder in the holding company of a new US bank linked to World Liberty Financial.
Sheikh Tahnoon bin Zayed, the deputy ruler of Abu Dhabi and UAE national security adviser, has shown interest in two stablecoin initiatives - one in the US and another domestically in the UAE. According to a report by Semafor, he is a major shareholder in the holding company of a new US bank associated with World Liberty Financial, a digital-assets platform co-founded by members of the Trump family.
The bank has received preliminary regulatory approval to issue a USD-backed stablecoin, which World Liberty launched last year. Meanwhile, Sheikh Tahnoon's conglomerate, International Holding Co., has completed a $30 million transaction in DDSC, a dirham-backed stablecoin developed with First Abu Dhabi Bank, the UAE's largest lender.
Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
