The UAE dirham-backed stablecoin DDSC has received a No Objection Certificate (NOC) from the Central Bank of the UAE (CBUAE), clearing the way for its launch on selected Virtual Assets Regulatory Authority (VARA)-regulated exchange platforms.
UAE dirham-backed stablecoin operates on ADI Chain, an institutional Layer-2 blockchain
DDSC was developed through a collaboration between International Holding Company (IHC), First Abu Dhabi Bank (FAB), and Sirius International Holding. The stablecoin is pegged 1:1 to the UAE dirham and operates on ADI Chain, an institutional Layer-2 blockchain developed by ADI Foundation.
According to the companies involved, DDSC has already processed more than Dh150 million in transactions since launch, demonstrating the scalability, resilience, and operational readiness of the ecosystem.
Subject to fulfilling the remaining NOC requirements, DDSC will become accessible on selected VARA-regulated exchange platforms, enabling users to buy, redeem, and transact using the stablecoin through compliant channels.
The move is expected to extend DDSC’s use beyond institutional applications into everyday financial transactions. Consumers and businesses will be able to use the stablecoin for merchant payments, supplier settlements, and peer-to-peer transfers, all denominated in UAE dirham-backed stablecoin and settled on-chain.
Industry stakeholders say the initiative could provide a faster and lower-cost alternative to conventional payment systems while supporting the UAE’s broader digital finance ambitions.
As a regulated dirham-backed stablecoin, DDSC also offers a local currency alternative to the predominantly US dollar-denominated stablecoins currently used in global digital asset markets. The project aims to improve efficiency in domestic digital payments while strengthening the country’s digital financial infrastructure.
Syed Basar Shueb, CEO of IHC, said the next phase of DDSC’s rollout would expand its reach to businesses and individuals through regulated platforms, enabling faster and more efficient digital transactions in UAE dirhams.
Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group at FAB, said the approval broadens access to regulated digital payments and will help businesses and individuals transact securely in UAE dirham-backed stablecoin.
Ajay Hans Raj Bhatia, CEO of Sirius International Holding, said extending DDSC beyond institutional use would create new opportunities for businesses and consumers to transact securely and efficiently in the local currency.
