ADNOC Distribution Accepts AE Coin Payments Across 980 Stations

TLDR

• ADNOC will accept AE Coin at 980 stations across three countries.
• AE Coin is the first Central Bank-licensed virtual asset in the UAE.
• The initiative supports UAE’s digital transformation and regulatory compliance.

ADNOC Distribution, the largest fuel and convenience retailer in the UAE, will soon accept payments in the form of AE Coin, a stablecoin pegged to the AED. The rollout covers approximately 980 stations across the UAE, Saudi Arabia, and Egypt. This marks a significant step in incorporating digital currencies into daily transactions, thanks to a partnership with Al Maryah Community Bank and AED Stablecoin LLC.

Customers can use the AE Coin at ADNOC’s 562 stations in the UAE, 172 in Saudi Arabia, and 243 in Egypt. The stablecoin is backed 1:1 by the UAE dirham and is the first of its kind to be licensed by the UAE Central Bank.

Partnership Details and Implementation Strategy

The initiative is facilitated by the collaboration between ADNOC Distribution and Al Maryah Community Bank, which provides the AEC Wallet. The wallet enables seamless transactions across ADNOC’s service points, including fuel and service stations, convenience stores, and car washes. Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, views this as a “major step forward” in offering safe and controlled digital payment options to customers.

According to Ramez Rafeek, General Manager of AED Stablecoin LLC, the primary aim is to enable secure, instant, regulator-approved virtual asset payments. This aligns with the UAE’s broader digital transformation agenda.

Regulatory and Sector-Specific Insights

AE Coin is the UAE’s first Central Bank-licensed virtual asset, reflecting regulatory support for digital-payment solutions. The coin will strengthen compliance with Countering the Financing of Terrorism (CFT) standards, integrating with the UAE Central Bank’s regulations.

The move supports ADNOC’s compliance with financial oversight while promoting tokenized payments in the region. An Al Maryah representative highlighted that the bank is significantly positioned to integrate AE Coin at point-of-sale, contributing to its strategic objectives.

Comparisons with Similar Global Developments

ADNOC’s AE Coin rollout mirrors similar global initiatives like the HKMA-linked stablecoins and those issued by commercial banks, focusing on retail payments. These initiatives typically do not impact crypto-native markets such as Bitcoin or Ethereum immediately. However, they set regulatory precedents for digital payments.

These kinds of models can gradually increase institutional acceptance of tokenized payments. Over time, they may facilitate the development of broader digital-asset infrastructures by offering regulatory-compliant pathways for virtual asset payments.

Digital Banking and Future Prospects

Al Maryah Community Bank plays a crucial role by facilitating digital payments through its AEC Wallet. As a digital-only bank, it stands at the forefront of integrating innovative payment solutions in the UAE. This partnership with ADNOC underscores the bank’s commitment to digital banking innovation.

While there is no specific information about on-chain activities, the collaboration aims to enhance customer experience by simplifying payment processes across military and retail locations. With many banks eyeing similar advancements, Al Maryah’s involvement in the rollout serves as a potential model for future digital payment integrations.