Sheikh Tahnoon bin Zayed reportedly has interests in two stablecoin initiatives, one in the US and one at home in the UAE.
The deputy ruler of Abu Dhabi and UAE national security adviser is a major shareholder in the holding company of a new US bank linked to World Liberty Financial, the digital-assets platform co-founded by members of the Trump family, The Wall Street Journal said.
He and co-investors own a 49% stake in a holding company of a bank that recently received preliminary regulatory approval to issue USD1, the dollar-backed stablecoin World Liberty launched last year.
The other stablecoin is gaining traction at home, where International Holding Co., the conglomerate Sheikh Tahnoon chairs, has completed at least one transaction in DDSC, the dirham-backed stablecoin developed with First Abu Dhabi Bank, the UAE’s largest lender, which he also chairs. That $30 million transfer was one of the largest single stablecoin transactions in the Middle East, according to its backers.