e& UAE has partnered with Al Maryah Community Bank to integrate the first licensed stablecoin, paving the way for millions of users to make payments using blockchain technology.
e& UAE has signed a strategic partnership agreement with Al Maryah Community Bank (Mbank) to integrate AE Coin into the company's payment infrastructure. This move will enable millions of users to pay for mobile and home internet services, top up accounts, and conduct digital transactions using a fully regulated stablecoin backed by the UAE dirham.
According to the signed memorandum of Mnemonics , AE Coin – the first stablecoin in the UAE fully backed by dirham reserves and licensed by the central bank – will be integrated into e& UAE's core business processes. This integration will cover mobile and home service payments, prepaid and postpaid plan top-ups, the use of e&'s digital platform and self-service systems, and future e-commerce services.
The press release emphasized that this stablecoin will ensure instant and transparent clearing and settlement, while enhancing transaction security through a managed blockchain system. In the long term, this lays the foundation for building a complete digital payment ecosystem in the UAE.
Setting a new standard for digital finance.
e& (formerly Etisalat) is a leading telecommunications and technology group in the UAE, providing mobile, internet, and digital services through the e& UAE app, along with the e& Money e-wallet, financial services, smart home solutions, and many other services. The company plays a key Vai in the UAE's digital transformation.
Hatem Dowidar, CEO of e& Group, said the emergence of a central bank-licensed stablecoin in the telecommunications sector sets a new standard for digital finance with instant, transparent, and convenient payments. He believes integrating AE Coin will make digital payments faster and more reliable.
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, called the initiative a “transformative moment” for the UAE payments industry. He stressed that millions of consumers will for the first time have access to managed blockchain-based payments for everyday mass services.
Ramez Rafeek, CEO of AED Stablecoin LLC, stated that e& – one of the largest network operators in the region – accepting AE Coin sets an international precedent, demonstrating the practical benefits of licensed stablecoins and accelerating the adoption of blockchain technology.
