IHC executed a $30 million (AED 110 million) transaction using the DDSC stablecoin backed by the UAE dirham on ADI Chain. The transaction represents the first major institutional use of the stablecoin after regulatory approval by the Central Bank of the UAE. DDSC was created through a partnership among IHC, First Abu Dhabi Bank, and Sirius International Holding, with technological support from the ADI Foundation. The Central Bank’s approval follows a broader regulatory push that has cleared licensing hurdles for other dirham-backed tokens, including AE Coin and AEDZ. Developers plan to connect Middle East markets with global markets through new DDSC digital trade corridors, aiming to improve secure, regulated transactions and speed cross-border payments and trade settlements.
"IHC executed a $30 million (AED 110 million) transaction using the DDSC stablecoin backed by the United Arab Emirates (UAE) dirham, marking the first major institutional use of the stablecoin since receiving regulatory approval. The transaction was carried out using the DDSC stablecoin on ADI Chain, an institutional Layer-2 blockchain developed by the ADI Foundation. Officials said the multimillion-dollar transaction demonstrates the digital currency ecosystem's operational readiness and ability to handle institutional volumes."
"DDSC was created through a partnership among IHC, First Abu Dhabi Bank and Sirius International Holding, with technological support from the ADI Foundation. The Central Bank of the UAE's approval of the DDSC stablecoin earlier this year is part of a broader regulatory push that has already seen multiple dirham-backed tokens clear licensing hurdles. As per one report, the first AED stablecoin to secure central bank approval was the AE Coin, issued by Al Maryah Community Bank (Mbank)."
"Zand Bank recently obtained a license for AEDZ, distinguishing itself as the UAE's first regulated, multi-chain AED-backed stablecoin designed to operate natively on public blockchains. According to a media statement, the project aims to provide secure and regulated digital transactions for corporations and individuals while speeding up cross-border payments and trade settlements. This transaction demonstrates that the UAE's digital infrastructure is live, resilient, and ready to support real institutional financial activity."
"Developers now plan to connect the Middle East with global markets via new DDSC digital trade corridors. The Abu Dhabi-based global investment company, International Holding Company (IHC), has executed a $30 million transaction using a stablecoin backed by the United Arab Emirates (UAE) dirham. The milestone expands the UAE crypto market, following approvals for Mbank's AE Coin and Zand's AEDZ."
Read at news.bitcoin.com
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