ADNOC Distribution, the largest fuel and convenience retailer in the United Arab Emirates, will begin accepting the AE Coin stablecoin for payments at its retail network of nearly 980 service 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 through the bank’s AEC Wallet at fuel pumps, Oasis by ADNOC convenience stores and car washes, the company said in a statement.
The launch of AE Coin provides an early example of how a sovereign-backed digital asset can be used in everyday commerce, signaling a potential shift in the way governments and private companies experiment with blockchain-based payment systems.
“This move is a significant step in ADNOC Distribution’s efforts to bring secure and regulated digital payments to everyday retail,” said Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution. The company operates 562 stations in the United Arab Emirates, 172 in Saudi Arabia and 243 in Egypt.
AE Coin is the UAE’s first stablecoin licensed by the Central Bank and backed 1:1 with dirhams. Its adoption by ADNOC Distribution brings the currency into real-world retail, where it can now be used by millions across the company’s nearly 1,000 sites.
