International Holdings Company (ICH), an Abu Dhabi-based investment company with a market capitalization of $240 billion, is supporting a new blockchain that serves as the basic layer of Dirham Page's stubcoin and state-linked digital projects.
Created by the ICH subsidiary, the ADI Foundation announced the launch of Ethereum's layer 2 chain, ADI Chain, at Token2049 in Singapore on October 1st.
According to a press release shared with Defiant, the ADI chain is the first public blockchain to integrate air vendors from Zksync, a zero-knowledge system designed to provide sub-second block proofing.
With the launch of the mainnet planned for the fourth quarter of this year, the chain is positioned as an infrastructure for payments, tokenized assets, digital identities, land registrations and healthcare records.
The chain is also set up to provide railways to AED Page Stubcoin, developed by the first Bank of Abu Dhabi, the state fund ADQ and IHC, under surveillance from the UAE central bank.
Chain of Institutions
As Alex Gluchowski, founder of Zksync and CEO of Matter Labs, explained in a press release, most blockchains are “not equipped to meet the various compliance standards that global institutions and governments require.”
However, ADI has the scale to “reach these stakeholders and upgrade legacy systems in a transformative way for the private and public sector.”
According to the release, Adi Chain already has around 50 projects in the Middle East, Africa and Asia, with IHC-related companies expected to join the network once users are published.
The ADI chain is not the only regulatory network that offers stablecoins in the region. In April, the USDC issuer Circle received principled approval from the Financial Services Regulators of the Abu Dhabi World Market to operate as a financial services provider in Abu Dhabi. Meanwhile, last year, Tether announced plans to launch an AED-raised Stablecoin, which the project is clearly awaiting approval.
In March this year, investment firm MGX invested $2 billion in Binance using USD1, a stablecoin developed by Trump family's debt company World Liberty Financial.
