ADNOC Distribution, the UAE’s largest fuel and convenience retailer, will begin accepting the AE Coin stablecoin for payments across its retail network of nearly 980 fuel stations across the UAE, Kingdom of Saudi Arabia and Egypt.
The retailer has signed a memorandum of understanding with Al Maryah Community Bank to allow customers to pay using AE Coin through the bank’s AEC wallet at fuel pumps, Oasis by ADNOC convenience stores and car washes, the company said in a statement.
The deployment of AE Coin provides a first example of how a state-backed digital asset can be used in everyday commerce, signaling a potential shift in how governments and private companies experiment with blockchain-based payment systems.
“This move is a significant step in ADNOC Distribution’s efforts to bring secure and regulated digital payments to everyday retail,” Eng said. Bader Saeed Al Lamki, CEO of ADNOC Distribution. The company operates 562 stations in the UAE, 172 in Saudi Arabia and 243 in Egypt.
AE Coin is the first stablecoin in the UAE authorized by the Central Bank and backed 1:1 in dirhams. Its adoption by ADNOC Distribution moves the currency into brick-and-mortar retail, where it can now be used by millions of people across the company’s nearly 1,000 locations.
