ADNOC Distribution, the largest fuel and convenience retailer in the UAE, will start accepting AE Coin stablecoin for payments across its extensive retail network, which includes nearly 980 service stations located in the United Arab Emirates, Kingdom of Saudi Arabia, and Egypt.
The retailer has entered into a memorandum of understanding (MOU) with Al Maryah Community Bank to facilitate payments using AE Coin through the bank’s AEC Wallet at fuel pumps, Oasis by ADNOC convenience stores, and car washes, as stated by the company.
The introduction of AE Coin exemplifies how a sovereign-backed digital asset can integrate into daily commerce, indicating a potential transformation in how both governments and private sectors utilize blockchain-based payment systems.
“This initiative represents a significant advancement in ADNOC Distribution’s endeavors to introduce secure, regulated digital payments to everyday retail,” stated Eng. 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 licensed by the Central Bank and is backed 1:1 with dirhams. Its acceptance by ADNOC Distribution transitions the currency into everyday retail, making it available to millions across the company’s nearly 1,000 locations.
