TBW - Huy Nguyen Trieu (ADI Foundation): "The stablecoin dirham must become a global benchmark".

The Big Whale. Today, stablecoins are at the heart of all the tensions: regulatory tug-of-war in the United States, acceleration in Asia, persistent scepticism from the European Central Bank. Against this explosive backdrop, why does Abu Dhabi believe that now is the right time to launch a sovereign stablecoin?

Precisely because the context is tense. stablecoins are no longer a marginal or purely crypto topic, they have become a systemic issue. We can clearly see that money, in an increasingly digital world, can no longer function exactly as it used to.

Today, two dynamics coexist: on the one hand, private stablecoins that have grown very fast (USDT and USDC in particular), sometimes faster than the regulatory frameworks; on the other, states and central banks that are thinking about central bank digital currencies (CBDCs), but are moving slowly, because the implications are huge.

Our conviction is that there is an intermediate space: that of stablecoins properly framed, backed by clear governance, designed from the outset to integrate into the global financial system. If we wait too long, other models - sometimes less transparent, sometimes less aligned with the public interest - will impose themselves by default.

You speak of "public digital infrastructure" for emerging markets. Put more bluntly: does the ADI Foundation aim to become a kind of "digital state provider" for countries that don't have the means - or the political capacity - to build it on their own?

Our role is not to take the place of states, or to make decisions in their place. Rather, it is to give them the digital tools that they do not always have the means, time or expertise to develop on their own.

Today, many countries are faced with a binary choice: either depend on foreign infrastructures - often American or Chinese - or give up on certain digital ambitions. This is not a real choice.

The ADI Foundation provides a basic, public, auditable, modular blockchain infrastructure that each government can adapt to its own priorities, regulations and culture. The final governance, rules of use and political decisions always remain in the hands of the country concerned.

Some people will nevertheless see this as a form of Abu Dhabi's technological soft power. What distinguishes your approach from a new dependence, this time no longer on Silicon Valley or China, but on the Gulf?

The fundamental difference is sovereignty. Our model is precisely designed to avoid any structural dependence.

The data is hosted locally. Governance is defined with local authorities. And above all, the blockchain infrastructure is public, open and interoperable.

If a country decides one day to stop using our infrastructure, it has the capacity to do so. This is exactly the opposite of the proprietary models we know today, where getting out of the system becomes almost impossible.

Your roadmap covers digital identity, health, public data... Yet you start with currency. Isn't this the most politically sensitive subject - and the one that concentrates the most risks today?

It is indeed one of the most sensitive subjects, but it is also one of the most structuring. Without a reliable means of digital payment, the digital economy cannot develop.

Currency is a fundamental layer of the digital infrastructure. It conditions adoption, usage, the ability to create services, businesses, and even distribute public aid.

Starting with stablecoin is not taking a risky shortcut, it's laying the essential brick. And we're doing it with extreme caution, in close collaboration with regulators.

Let's be clear: private stablecoins are accused of threatening monetary sovereignty, while MNBCs are struggling to convince. Where exactly does your dirham stablecoin fit into this landscape, and more importantly, what does it offer that other models have failed to provide?

Our stablecoin is not intended to replace the national currency, nor to bypass central banks. It is designed as a digital, programmable and interoperable extension of existing currency.

Unlike some private stablecoins, it is based on clear governance, a defined regulatory framework and total transparency. And unlike some highly centralised MNBC approaches, it relies on open standards, in this case Ethereum, encouraging innovation and adoption by the ecosystem.

The aim is not to impose a single model, but to propose one that is replicable, adaptable and responsible.

The Big Whale: You place a lot of emphasis on data sovereignty. But in reality, very few countries today have the technical capacity to guarantee total control over their digital data. Is your promise of sovereignty really operational... or mostly theoretical?

It is totally operational, and that's precisely where our added value lies.

We propose a model where data is stored locally, in infrastructures controlled by the country, with exclusive control of the keys. Even the ADI Foundation does not have access to this data.

Sovereignty must not be a slogan. It must be designed into the technical architecture, not added as an afterthought.

The Big Whale: Many countries, without mentioning it, fear the American Cloud Act. Is your project also - or even primarily - a geopolitical response to the extraterritoriality of US law?

This is a reality that many governments are now taking very seriously. Extraterritorial laws exist, and they have concrete consequences.

Our project is not directed 'against' any particular country, but offers an alternative. A credible, technically robust alternative that allows states to regain control of their data and critical infrastructure.

The Big Whale: You chose zkSync and the Ethereum ecosystem to develop your project. What motivated this decision?

We made a pragmatic choice. The Ethereum ecosystem is currently the one that brings together the largest number of developers, tools and innovations. Ignoring this would have been a strategic mistake.

Zero Knowledge technology, via zkSync, also enables us to meet confidentiality and data protection requirements.

Sovereignty means the ability to choose, adapt and control. And on this point, this combination offers the best balance in our view.

The Big Whale: You're launching a token listed on major platforms, while claiming that your model is primarily "government-to-government". What will this token be used for?

The token is a gas token, used to run the infrastructure. It allows the ecosystem to operate in an open and transparent way.

Our main business model remains institutional, centred on governments and public infrastructure. But for blockchain to live, it must also be open to developers, businesses and private innovation.

It is this balance between public framework and market dynamism that we believe will enable real and sustainable adoption.

You announce that you have already signed around 20 partnerships or agreements. In concrete terms, which countries are now ready to use your technology and issue their own national stablecoin?

We need to make a clear distinction between two levels: the stablecoin itself and the wider infrastructure.

As far as stablecoins are concerned, our priority is the dirham-backed stablecoin (DBA). We want to make it a global benchmark. It will be the first native stablecoin on the blockchain, and above all a textbook case in terms of technology, governance and regulatory compliance.

Initially, this stablecoin is intended for companies based in the United Arab Emirates, to facilitate faster, cheaper and more efficient payments, particularly in an international context.

Once this model has been proven, other countries will be able to use exactly the same infrastructure to launch their own national stablecoins. It is this logic of replication that is at the heart of our approach.

But it is important to remember that ADI Foundation is not limited to stablecoins. They are just one brick among others.

We are already working with major players such as Mastercard, Franklin Templeton, as well as key partners in payments in Africa, including M-Pesa, which is one of the undisputed leaders in the sector.

These partnerships show that our ambition goes far beyond simply issuing digital currencies.

Actually, you insist on the fact that you don't "just do stablecoin". In concrete terms, what uses are you involved in today?

In the crypto world, two main areas stand out today: trading and payments.

On the trading side, we are working with FinStreet, an entity that belongs to the same group as the ADI Foundation (International Holding Company), to tokenise real-world assets: real estate, financial securities, traditional instruments.

We are convinced that the current model of financial markets - with limited hours, Monday to Friday - is outdated. Tomorrow's markets will be accessible 24/7, operate via smart contracts, and natively incorporate auditability and transparency.

On the payments side, we are working with players such as Sponsored Card and other upcoming partners to modernise cross-border payments.

It's simply no longer acceptable, in 2025, for international transfers to still take three or four days.

The Big Whale: Reserves have been an ultra-sensitive subject since past scandals in the stablecoin world. How will the dirham stablecoin be backed in concrete terms?

We have planned an initial reserve of one billion dirhams.

This reserve is made up exclusively of cash, with a strict 1:1 ratio. Each numerical dirham corresponds to one real dirham, with no debt, no leverage and no structured products.

In our view, this is the only credible approach when it comes to monetary sovereignty. Obviously, this comes at a cost: these funds generate no return. But it's a conscious choice, because the priority is trust.

You're not carrying this project alone. Who are the players involved?

It's a joint project between ADI Foundation, International Holding Company (IHC) and FAB Bank, one of the main local banks, which concentrates a significant proportion of the country's bank accounts.

Together we created a structure dedicated to stablecoin. FAB Bank plays a central role in distribution, particularly via applications, but also in connection with the exchange platforms.

So this stablecoin is designed both for the crypto markets and for concrete uses in the real economy?

Exactly. It will be available on exchange platforms, but also integrated into card payment solutions, cross-border payments, and other concrete use cases.

The aim is for it not to remain confined to speculative use, but to become a genuine payment and settlement tool.

The Big Whale: You work mainly with countries in Asia and Africa. Europe seems largely absent. Is this a strategic choice or a lack of interest in the European market on your part?

It's first and foremost a question of priority.

If we look at the major currency blocs - the United States, China, Europe - between these blocs, there is an intermediate space. This is where Abu Dhabi and the ADI Foundation are located.

We position ourselves as a neutral player, a place for cooperation. The aim is to stay out of political and geopolitical tensions, and to focus on the countries that most need public digital infrastructure.

You make your technology available to governments free of charge. Does that mean you rule out any collaboration with private players like Amazon, Google or Meta?

Not at all. ADI Foundation is part of a very broad ecosystem.

Our main interlocutors are indeed governments - ministries, administrations, central banks - because they are the ones who operate at the level of national systems.

But around these public decision-makers, there is a whole indispensable private ecosystem: technology companies, integrators, consultancies, SMEs, developers, and eventually individuals.

The infrastructure is public, but the uses are multiple. ADI Foundation is at the heart of this value chain, between the public sector and private innovation.

In Europe, initiatives are multiplying: the ECB's digital euro, euro stablecoins carried by private banks. Would you like to play a role in this dynamic?

ADI Foundation is a fairly unique organisation. It has only been in existence for a year, which makes it closer to a start-up, but it has been funded to the tune of more than $100 million, which gives us resources and access to a very broad ecosystem.

That said, our resources are not infinite. We have to make choices.

Today, our priority is to make stablecoin backed by the dirham a benchmark, both in technological, regulatory and operational terms. The aim is for it to serve as a model for other countries, particularly emerging ones, by gradually integrating building blocks such as digital identity.

Other projects, including in Europe, may come later.

How precisely do you analyse what is being built today in Europe?

We see two major trends.

Firstly, in time, every bank or financial institution will want to issue its own stablecoin. Yet the cost and complexity of these projects are considerable. Today, these institutions are either turning to American players, or to a few European players capable of supporting them.

All the technology we have developed in the Emirates could be made available to certain European institutions, particularly on interoperability issues.

Secondly, digital Europe is being built as a monolithic block, with a lot of talent. But it will necessarily need gateways, interoperability and connections with other systems.

This is where we can play a role, as a technological facilitator, with an infrastructure designed for government use and adaptable to national specificities.

Your teams come from all over the world. How do you explain this diversity?

There are two main reasons.

Firstly, Abu Dhabi and the Emirates are attracting more and more talent, for geopolitical, economic and professional reasons. The dynamics have changed significantly since Covid in 2020.

Then there is the very mission of ADI Foundation and the desire to build a strong blockchain ecosystem in Abu Dhabi. It's not just about our organisation, it's about a whole enabling environment for digital assets.

Training, attracting and developing talent - including local talent - is a central pillar of this strategy.

In your opinion, what is Abu Dhabi's main advantage in the global crypto ecosystem today?

I mainly navigate between three ecosystems: London, Abu Dhabi and Singapore.

Here, two areas in particular stand out: wealth management, thanks to the abundance of capital, and digital assets.

In Europe, there is a permanent hesitation around crypto-assets, which is holding back many initiatives. In Asia, approaches vary greatly from country to country.

In the Emirates, Abu Dhabi and Dubai adopted an open, but institutional approach very early on: regulated stablecoins, tokenised assets, digital finance.

Here there is a rare balance between traditional banks, crypto companies and regulators. And above all, a regulatory framework that evolves rapidly and offers real clarity - which is essential as soon as we talk about financial assets.