Abu Dhabi’s ADNOC subsidiary ADNOC Distribution, which operates 562 service stations across the UAE as well as 172 in KSA and 243 stations in Egypt, will be utilizing AE Coin, the first regulated AED stablecoin in the UAE for payments with its retail customers.
Customers will be able to pay using the AE Coin implemented in collaboration with the AEC Wallet by Al Maryah Community Bank. The AE Coin will be integrated into ADNOC Distribution’s payment channels across its key customer touchpoints, including fuel and service stations, Oasis by ADNOC convenience stores, and car washes.
Customers will be able to make instant, secure and frictionless blockchain-enabled payments using stablecoins.
ADNOC goes full throttle with AE Coin
Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, noted that accepting AE Coin across its network represents a significant step in ADNOC Distribution’s journey to enhance mobility and convenience retail through innovation.
He explained, “By embracing blockchain-powered transactions, we are adopting advanced technologies to create the industry’s best customer experiences, while preparing our services for the future.”
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, added that through AE Coin, the company is enabling virtual asset payments and showcases real-world examples of how blockchain technology can simplify payments and enhance customer convenience.
Ramez Rafeek, General Manager of AED Stablecoin LLC, explained that AE Coin was developed to make secure, instant, regulator-approved virtual asset payments a reality in daily life. He stated, “This partnership shows how licensed and fully reserved payment tokens can be used in mainstream retail environments, moving the promise of crypto from concept to real-world utility at scale.”
AE Coin signs agreements with UAE government and private sector
AE Coin, the first and only AED-backed stablecoin in the UAE, has signed up with telecom operators such as e& UAE, transport and logistics group 7X, real estate entity East & West International Group, as well as the Abu Dhabi Transport Department and Municipalities, Air Arabia, and more.
Crypto.com recently received, through Foris DAX Middle East, an In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) for a Stored Value Facilities (SVF) license, which would allow it to provide digital payment services for Dubai government fees in UAE Dirham or Dirham pegged stablecoins.
Once the final license is granted, the company will be able to provide digital payment services for Dubai government fees in UAE dirhams or dirham-pegged stablecoins through the SVF framework.
This year, Crypto.com and Emarat gas stations signed an agreement to allow for crypto payments at gas stations in the UAE. This is pending the license from the UAE Central Bank.
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Source: https://www.cryptopolitan.com/uae-adnoc-offer-aed-stablecoin-payments/