DDSC Stablecoin Backed by UAE Completes $30M Enterprise-Level Transfer
ADI Chain, a layer-2 blockchain platform built specifically for enterprise payment systems, treasury management and trade settlement operations, facilitated the transaction.
A 110 million dirham ($30 million) transaction was carried out by the International Holding Company (IHC) utilizing the DDSC stablecoin through ADI Chain. According to the company, this transfer represents one of the most significant publicly disclosed stablecoin transactions to be conducted within the United Arab Emirates territory.
This major transaction comes on the heels of the UAE central bank's recent authorization of the dirham-pegged stablecoin infrastructure established through a collaboration between IHC, First Abu Dhabi Bank and Sirius International Holding.
ADI Chain, a layer-2 blockchain solution created by ADI Foundation, serves as the operational platform for DDSC. The announcement indicates that the infrastructure was engineered specifically to address institutional applications such as international payments, corporate treasury management and settlement of trade transactions.
According to IHC, the primary objective of this transaction was to validate the capability of DDSC and ADI Chain to handle financial operations at an institutional magnitude, with strategic initiatives moving forward concentrating on establishing payment channels that connect the Middle East region to international financial markets.
With the distinction of being the UAE's largest banking institution measured by total assets, First Abu Dhabi Bank joins forces with IHC, recognized as among the nation's most prominent publicly traded investment firms.
This development emerges during a period when financial institutions and digital asset enterprises in the UAE are scaling up their regulated stablecoin frameworks. During January, Universal Digital introduced USDU, positioning it as the inaugural US dollar-pegged stablecoin to receive registration from the Central Bank of the UAE operating under the nation's Payment Token Services Regulation guidelines.
Crypto companies expand regulated UAE operations
The United Arab Emirates maintains its trajectory of drawing international cryptocurrency platforms and banking institutions pursuing compliant market entry to serve the regional marketplace, as the nation broadens its portfolio of authorized digital asset offerings encompassing payment solutions, safekeeping services and institutional exchange operations.
During the early part of this month, Crypto.com obtained a Stored Value Facilities license issued by the central bank that enables local residents to settle Dubai government-related fees utilizing digital currencies via the firm's infrastructure. This regulatory clearance enables the organization to facilitate payment transactions aligned with Dubai's comprehensive strategy toward cashless governmental payment processing.
In parallel developments, BNY established a partnership with Finstreet and ADI Foundation during May to build out institutional-grade digital asset safekeeping solutions within Abu Dhabi, beginning with compatibility for Bitcoin (BTC) and Ether (ETH) while mapping out future expansion to incorporate stablecoins and assets represented through tokenization.
This past Thursday, Kraken announced it obtained initial regulatory clearance from VARA, Dubai's regulatory authority, as a component of its strategic expansion plans throughout the UAE. According to the exchange, this authorization will enable UAE dirham-based funding options, margin trading capabilities and over-the-counter transaction services, in addition to enterprise-level solutions delivered through Kraken Prime.