DDSC, the UAE dirham-backed stablecoin developed through the collaboration between IHC, First Abu Dhabi Bank (FAB) and Sirius International Holding, has received the go-ahead from the Central Bank of UAE to go live on key Virtual Assets Regulatory Authority (VARA)-regulated exchange platforms.
IHC, a global investment company focused on building dynamic value networks, on Thursday announced the execution of an AED110 million (approximately $30 million) transaction using DDSC on ADI Chain, the institutional Layer-2 blockchain developed by ADI Foundation.
The UAE has taken a decisive step into regulated digital currency infrastructure after the Central Bank of the UAE (CBUAE) approved the launch of the dirham-backed stablecoin, DDSC, paving the way for institutional-grade blockchain-based payments in the country.
