Under the proposed structure, each currency would be issued through a separate entity, with reserves held one-for-one in high-quality liquid assets denominated in the corresponding reference currency. Reserves would be independently attested and subject to annual audit. ADI Foundation would provide issuance infrastructure through ADI Chain, which the foundation describes as the GCC and MENA region’s first sovereign digital infrastructure built for governments and institutions.

Gibraltar’s involvement carries some credibility in the distributed ledger technology space. The territory introduced a purpose-built regulatory framework for DLT businesses in 2018, making it an early mover among common law jurisdictions. The government has since added a bespoke prediction market regime and legislation facilitating tokenised fund shares and DLT-based share registers. Minister for Justice, Trade and Industry Nigel Feetham KC MP said the stablecoin project builds on that legislative track record and forms part of a nine-month international outreach programme aimed at attracting digital-finance investment.

ADI Chain already acts as settlement infrastructure for DDSC, a dirham-backed stablecoin initiated by IHC , Sirius International Holding and First Abu Dhabi Bank , which holds a licence from the UAE Central Bank . That live deployment gives ADI Foundation a reference architecture for reserve management and institutional issuance, though operating sterling- and euro-referenced instruments in European regulatory perimeters introduces a separate compliance layer. The EU’s Markets in Crypto-Assets regulation, which came into force progressively from 2024, sets out specific requirements for e-money tokens and asset-referenced tokens, and any euro-denominated issuance targeting EU counterparties will need to navigate that framework carefully.

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