ADNOC Distribution, the UAE’s largest fuel and convenience retailer, will begin accepting the AE Coin stablecoin for payment at its retail network of nearly 980 petrol stations in the United Arab Emirates, the Kingdom of Saudi Arabia and Egypt.
The retailer signed a memorandum of understanding (MOU) with Al Maryah Community Bank to allow customers to pay with AE Coin at fuel pumps, Oasis by ADNOC convenience stores and car washes through the bank’s AEC wallet, the retailer said in a statement.
The launch of AE Coin provides an early example of how sovereign-backed digital assets can be used in everyday commerce, signaling a potential shift in the way governments and private companies experiment with blockchain-based payment systems.
“ADNOC Distribution is committed to bringing secure, regulated digital payments to everyday retail and this move is a meaningful step forward,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution. The company operates 562 sites in the UAE, 172 sites in Saudi Arabia and 243 sites in Egypt.
AE Coin is the first stablecoin in the UAE to be licensed by the Central Bank and backed 1:1 in dirhams. Adoption by ADNOC Distribution will bring the currency into real-world retail, where it can now be used by millions of people across the company’s nearly 1,000 sites.
