ADNOC Distribution, the UAE’s largest fuel and convenience retailer, will begin accepting AE Coin stablecoin for payments across its retail network of approximately 980 service stations in the UAE, Kingdom of Saudi Arabia and Egypt.
The retailer has signed a memorandum of understanding (MOU) with Al Maryah Community Bank to enable customers to pay using AE coins through the bank’s AEC wallet at fuel pumps, Oasis by ADNOC convenience stores and car washes, the company announced in a statement.
The rollout of AE Coin provides an early example of how sovereign-backed digital assets can be used in everyday commerce, and signals a potential shift in the way governments and private companies experiment with blockchain-based payment systems.
“This move is a meaningful step in ADNOC Distribution’s efforts to bring secure and regulated digital payments to everyday retail businesses,” said Eng. Bader Saeed Al Ramki, CEO of ADNOC Distribution, said: The company operates 562 stations in the UAE, 172 stations in Saudi Arabia and 243 stations in Egypt.
AE Coin is the UAE’s first stablecoin licensed by the central bank and is backed 1:1 with dirhams. ADNOC Distribution’s adoption of the currency has moved it into the real world retail industry, making it available to millions of people across the company’s approximately 1,000 sites.
