e& UAE and Al Maryah Community Bank signed a memorandum to introduce AE Coin, the UAE’s first licensed stablecoin backed by the dirham, for paying bills and accessing digital services.
Telecom operator e& UAE entered into a strategic agreement with Al Maryah Community Bank (Mbank) that will integrate AE Coin into the company’s payment infrastructure. This will allow millions of users to pay for mobile and home services, top up accounts, and conduct digital transactions using a fully regulated stablecoin backed by the national currency.
According to the signed document, AE Coin, the first UAE stablecoin fully backed by dirham reserves and licensed by the central bank, will be incorporated into the core business processes of e& UAE. The integration will cover payments for mobile and home services, top-ups for prepaid and postpaid plans, the use of e& digital platforms and self-service systems, and, in the future, e-commerce services.
The press release emphasizes that the stablecoin will ensure instant and transparent settlements, while also enhancing transaction security through a regulated blockchain system. In the long term, this creates the foundation for building a fully digital payment ecosystem in the UAE.
e& (formerly Etisalat) is a leading telecommunications and technology group in the UAE, providing mobile, internet, and digital services through the e& UAE app, as well as digital wallets (e& money), financial services, smart home solutions, and more. The company is a key player in the UAE’s digital transformation.
e& Group CEO Hatem Dowidar noted that the arrival of a stablecoin licensed by the central bank in the telecom sector sets a new standard for digital finance — instant settlements, transparency, and customer convenience. According to him, integrating AE Coin will make digital payments faster and more reliable.
Al Maryah Community Bank CEO Mohammed Wassim Khayata called the initiative “a transformative moment” for the UAE’s payments industry. He emphasized that millions of consumers will, for the first time, gain access to regulated blockchain payments across mass market, everyday services.
Ramez Rafeek, General Manager of AED Stablecoin LLC, noted that e&’s adoption of AE Coin, as one of the region’s largest telecom operators, is an international precedent demonstrating the practical benefits of licensed stablecoins and accelerating the mass adoption of blockchain technologies.
The e& initiative directly supports the UAE’s strategic goals — developing the digital economy, expanding the use of secure blockchain settlements, increasing financial transparency, and advancing the country as a global hub for FinTech innovation.
