UAE based ADI Foundation, Abu Dhabi blockchain entity has partnered with OpenZeppelin, blockchain security provider for applications and smart contracts, to provide ADI Chain with comprehensive security auditing to that ADI can launch with bank-grade security standards for its AED stablecoin being developed in collaboration with First Abu Dhabi Bank. OpenZeppelin’s security auditing spans across two critical components: the ADI Token, and the underlying ADI Chain infrastructure. Our work ensures that all critical chain infrastructure components meet institutional-level security requirements.

In its post, OpenZeppelin noted that it is providing comprehensive security auditing to ensure ADI Chain launches with bank-grade security standards, that will eventually serve in supporting First Abu Dhabi Bank, ADQ and IHC’s groundbreaking initiative to issue a UAE Central Bank-regulated dirham-backed stablecoin, one of many institutional focused projects the ADI Foundation plans to bring onchain.

ADI Blockchain Foundation has built ADI Chain is building the infrastructure for the most anticipated dirham-backed stablecoin, which was announced recently as a collaboration between First Abu Dhabi Bank (FAB), the MENA Region’s largest bank, ADQ, a significant sovereign wealth fund based in Abu Dhabi, and IHC, a UAE-based investment firm valued at over $240 billion. The stablecoin will be fully regulated by the Central Bank of the UAE and issued on ADI Chain. This represents a major milestone in regulated digital currency adoption by traditional financial institutions.