The United Arab Emirates’ telecom giant e& is preparing to pilot the use of a regulated, dirham-pegged stablecoin for mainstream consumer payments. This exploration is being formalized through a Memorandum of Understanding (MoU) with Al Maryah Community Bank to integrate the stablecoin across e&’s digital channels.
Pilot Details and Corporate View
According to a Gulf News report, executives framed the collaboration as part of the UAE’s strategic push toward regulated digital finance. Hatem Dowidar, e& Group CEO, highlighted that the stablecoin enables “instant settlement, complete transparency, and frictionless access.”
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, described the initiative as a step toward expanding the “real-world applications” of licensed virtual assets.
Under the agreement, e& will assess how AE Coin, a dirham-backed stablecoin licensed by the Central Bank of the UAE (CBUAE), can be integrated into the telecom giant’s payment infrastructure.
The trial would allow customers to use the token for:
- Paying mobile and home-service bills.
- Topping up prepaid lines and managing postpaid recharges.
- Interacting with e&’s digital platforms and smart service systems.
The company also stated that it would consider integrating the token into e-commerce touchpoints in the future, positioning the stablecoin as a potential alternative payment method within one of the UAE’s most widely used consumer ecosystems.
Ramez Rafeek, general manager of AED Stablecoin, the company behind the token, described the agreement as a milestone for applying licensed stablecoins to essential consumer services.
Regulatory Context and Caution
AED Stablecoin was previously among the first companies to receive in-principle approval from the CBUAE under its Payment Token Service Regulation framework, making it a frontrunner in the region’s stablecoin race.
Despite the promising narrative, the initiative remains exploratory; an MoU primarily signals intent rather than guaranteed execution. However, if the pilot succeeds, it could validate a model where regulated tokens quietly power routine financial activity behind the scenes.
e& Money’s Separate Crypto Partnership
In a separate move, on Friday, e& money (e&’s financial technology arm) revealed a partnership with Crypto.com to explore the potential integration of the exchange’s crypto-as-a-service infrastructure into its product suite. This collaboration focuses on trade execution and global liquidity access, with both sides considering custody and payment integrations pending regulatory approval. This is framed as an expansion of real-world crypto utility in the UAE by speeding up settlements and enabling programmable rewards.
