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The UAE's largest fuel retailer ADNOC will begin accepting stablecoin payments.
Odaily Planet Daily reports that ADNOC Distribution announced signing a memorandum of understanding with Al Maryah Community Bank to accept AE Coin stablecoin payments across its retail network of nearly 980 service stations in the UAE, Saudi Arabia, and Egypt. Customers can use AE Coin via Al Maryah Community Bank’s AEC Wallet to pay at fuel pumps, Oasis by ADNOC convenience stores, and car wash services. AE Coin is the UAE’s first centrally bank-approved stablecoin, pegged 1:1 to the Dirham. ADNOC Distribution CEO Eng. Bader Saeed Al Lamki stated that this move is an important step for the company to introduce secure, regulated digital payments into everyday retail. ADNOC Distribution operates 562 stations in the UAE, 172 in Saudi Arabia, and 243 in Egypt.