A new experiment in the United Arab Emirates could mark a turning point for how digital money is used in mainstream consumer platforms.
Telecom conglomerate e& has begun evaluating whether a regulated, dirham-pegged stablecoin can function inside its payment systems, potentially turning everyday phone bills and digital services into blockchain-settled transactions.
Key Takeaways:
e& is testing a regulated dirham-backed stablecoin for telecom bill payments and digital services.
The pilot uses AE Coin, one of the first tokens approved under the UAE’s Payment Token Service Regulation.
The initiative is exploratory, with no confirmed rollout timeline.
e& money is separately evaluating Crypto.com’s infrastructure for custody, liquidity and payment features.
The initiative stems from a cooperation agreement with Al Maryah Community Bank, one of the country’s licensed virtual-asset pioneers. Executives from both organizations framed the partnership as part of a nationwide push to channel innovation through fully supervised financial rails — a defining feature of the UAE’s digital-finance strategy.
Rather than focusing first on merchant use cases or fintech apps, the pilot aims to test stablecoins inside one of the UAE’s most widely used consumer ecosystems, where millions of residents interact with telecom services on a monthly basis.
How a Dirham-Backed Stablecoin Might Be Used
The stablecoin under consideration, AE Coin, was designed to mirror the value of the UAE dirham while operating under direct oversight from the Central Bank of the UAE. The token is meant to offer the immediacy of crypto while preserving regulatory protections typically associated with traditional payment systems.
Under the trial framework, e& would examine how AE Coin could settle payments across a range of its digital touchpoints — including mobile recharges, home-service payments, smart-service platforms and future e-commerce extensions. If workable, customers could pay for telecom services using tokenized dirhams without noticing any shift in their user experience.
Backers of the initiative say the stablecoin’s transparency and instant-settlement properties make it an attractive fit for high-volume consumer payments. The team behind AE Coin described the agreement as a landmark moment for licensed stablecoins attempting to move beyond niche blockchain use cases.
Regulatory Momentum and Early-Stage Realities
AE Coin was one of the first tokens to receive preliminary approval under the UAE’s Payment Token Service Regulation, placing it at the front of the region’s stablecoin competition. The regulatory clarity is a key reason major enterprises such as e& are willing to experiment with digital tokens in production-level systems.
However, because the arrangement is based on a memorandum of understanding, the collaboration remains exploratory. There is no fixed timeline for rollout, no confirmed implementation plan and no guarantee that AE Coin will become an official payment method for telecom services. Much depends on testing results and subsequent regulatory guidance.
If successful, the model could demonstrate how fully regulated stablecoins can quietly power routine financial activity — settling in the background while users continue interacting with standard consumer interfaces.
e& money Explores Additional Crypto Infrastructure Through Crypto.com
The telecom group is also evaluating other digital-asset technologies through its financial arm, e& money. In a separate development, the company announced it is reviewing potential integrations with Crypto.com, focusing on custody solutions, trade execution and global liquidity routing.
The two organizations say their collaboration aims to expand practical crypto use cases in the UAE, including faster settlement for merchants and programmable loyalty systems. e& money CEO Melike Kara Tanrikulu called the initiative a step toward embedding advanced crypto functionality into regulated consumer financial services.
