UAE’s ADNOC to Accept AE Coin in Fuel Payments

ADNOC Distribution, the largest fuel retailer in the UAE, signed a Memorandum of Understanding with Al Maryah Community Bank to accept AE Coin stablecoin payments across its retail network. This integrates blockchain technology into ADNOC’s existing transaction systems.

The ADNOC project involves key entities: ADNOC Distribution and AE Coin issuer, AED Stablecoin LLC. The AE Coin, backed by the UAE Central Bank, is to be used for transactions at fuel stations and convenience stores nationwide.

The introduction of AE Coin aims to streamline payment processes for millions of UAE consumers. This move aligns with the UAE’s vision to become a leader in innovative digital payments, enhancing convenience and security in everyday transactions.

ADNOC’s CEO, Eng. Bader Saeed Al Lamki, emphasized embracing blockchain-based transactions to improve customer service. Al Maryah’s CEO concurred, noting the historic nature of this step for UAE’s financial sector, simplifying digital economics for end-users.

According to the official release, there are no immediate financial figures disclosed regarding implementation costs or investments. AE Coin’s adoption, however, is portrayed as an effective pathway to digitizing UAE’s payment systems.

The collaboration between ADNOC and AMCB underscores the potential growth of licensed, secure virtual assets. “AE Coin was developed to make secure, instant, regulator-approved virtual asset payments a reality in daily life. ADNOC Distribution’s nationwide adoption of AE Coin represents a major milestone for the UAE and sets an important benchmark for the virtual asset industry globally. This partnership shows how licensed and fully reserved payment tokens can be used in mainstream retail environments, moving the promise of crypto from concept to real-world utility at scale.” – Ramez Rafeek, General Manager, AED Stablecoin LLC (AE Coin)