UAE Central Bank Approves First Dollar-Backed Stablecoin
- Stablecoin Launch: The UAE Central Bank approved the first dollar-backed stablecoin, USDU, on January 29, marking a significant milestone in the country's digital finance journey and advancing the compliance of digital payments.
- Regulatory Framework: USDU will operate under the UAE Central Bank's Payment Token Services Regulation, ensuring it is fully backed 1:1 by U.S. dollars, which enhances trust and transparency for users and institutions.
- Fintech Collaboration: USDU will be issued and managed by Universal Digital, a fintech firm operating under the supervision of the Financial Services Regulatory Authority at Abu Dhabi Global Market, ensuring adherence to strict financial and regulatory standards.
- Growing Market Demand: Amid rising global interest in regulated digital payment tools, the launch of USDU provides clarity and confidence to market participants, further solidifying the UAE's position as a digital finance hub.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE) As of , (STABLE) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 5 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.00242 | 0.00655 | 0.0148 | 0.0237 | 0.0319 | 0.0409 | 0.0491 |
| Fibonacci | 0.00655 | 0.0131 | 0.0172 | 0.0237 | 0.0303 | 0.0343 | 0.0409 |
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