UAE Telecom Giant e& Partners with Bank to Pilot Dirham-Pegged Stablecoin for Bill Payments

United Arab Emirates telecom giant e& has signed a memorandum of understanding (MoU) with Al Maryah Community Bank to explore the use of a dirham-pegged stablecoin, AE Coin, across its digital payment channels. The pilot program, announced during Abu Dhabi Finance Week, will assess how the regulated stablecoin can be embedded into e&'s infrastructure to allow customers to pay mobile and home-service bills, top up prepaid lines, manage postpaid recharges, and interact with the company's digital platforms.

AE Coin is a stablecoin licensed by the Central Bank of the UAE (CBUAE) and was among the first to receive in-principle approval under the bank's Payment Token Service Regulation framework. Ramez Rafeek, general manager of AED Stablecoin LLC, stated the token was created to facilitate "instant, transparent and regulated digital payments" and described the agreement as a milestone for applying licensed stablecoins to essential consumer services.

Executives framed the collaboration as part of the UAE's broader push toward regulated digital finance. e& Group CEO Hatem Dowidar emphasized the stablecoin enables "instant settlement, complete transparency, and frictionless access." Al Maryah Community Bank CEO Mohammed Wassim Khayata said the initiative is a step toward expanding the "real-world applications" of licensed virtual assets. The company also indicated future plans to integrate the stablecoin with e-commerce touchpoints and smart kiosks.

Despite the promising narrative, the initiative remains an early-stage pilot, with timelines, rollout scope, and measurable impact still undefined. An MoU typically signals intent rather than execution, putting the project several stages away from real-world adoption at scale. However, if successful, it could validate a model where regulated tokens power routine financial activity behind the scenes.

The news aligns with the UAE's rising status in crypto adoption. A recent study by ApeX Protocol ranked the UAE second globally, with 25.3% of its population owning digital assets—a 210% increase in recent years.