Promax United launches a digital investment platform: Abu Dhabi’s Promax United and AI-focused financial services firm Palm Global Technologies launched Palm Promax Investments, a joint venture aimed at building a fixed-income investment platform and a globally recognized stablecoin, according to a press release. Promax holds a 60% stake in the JV, while Palm Global holds a 30% stake.

The initiative is backed by over USD 1.5 tn in AA-and-AAA-rated real-world assets, secured through sovereign partnerships across 15 countries. These include assets based in both the UAE and the US.

Palm Promax is starting with USD 350 bn in US gold-based assets to securitize its stablecoin and fixed-income products. The stablecoin is targeted at developing economies, with 15 African nations already on board, Palm Global Chairman Peter Knez said. The platform will also tokenize carbon credits, biodiversity reserves, AgTech, and ecosystem services.

Looking forward: The company plans to grow this asset base even further, with plans to surpass the USD 1.5 tn mark in the future, Promax United’s president Louai Mohamed Ali said. Sovereign wealth funds and central banks—including the Central Bank of the UAE (CBUAE)—are already engaged, Knez said.

This comes amid broader national push into stablecoins:

  • IHC, ADQ, and First Abu Dhabi Bank (FAB) are reportedly planning a new new AED-backed stablecoin ;
  • MGX, Abu Dhabi’s AI-focused fund, invested USD 2 bn via stablecoin in Binance;
  • The CBUAE recently greenlit AE Coin, the UAE’s first AED-pegged stablecoin;
  • The Financial Services Regulatory Authority (FSRA) has also rolled out a regulatory framework for stablecoins.
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