Abu dhabi: DDSC, the UAE dirham-backed stablecoin developed through the collaboration between IHC, First Abu Dhabi Bank (FAB), and Sirius International Holding, has received a No Objection Certificate (NOC) from the Central Bank of the UAE (CBUAE) to go live on selected Virtual Assets Regulatory Authority (VARA)-regulated exchange platforms.
According to Emirates News Agency, the approval, granted upon fulfillment of the CBUAE's requirements, marks another major milestone in the rollout of DDSC, paving the way for broader adoption of a regulated UAE dirham-denominated digital payment and settlement asset across the UAE's digital economy. DDSC is pegged 1:1 to the UAE dirham and settles on ADI Chain, the institutional Layer-2 blockchain developed by ADI Foundation. Since its launch, DDSC has demonstrated institutional-scale capabilities, with over AED 150 million transacted to date, showcasing the scalability, resilience, and operational readiness of the ecosystem. Subject to meeting the NOC requirements, DDSC will be able to go live on selected VARA-regulated exchange platforms, making it easier for users to access, buy, and redeem DDSC through compliant channels.
Partnership with selected regulated platforms also extends DDSC beyond institutional use. Once available through these platforms, DDSC can support everyday payments, such as a shopper paying a merchant, a business settling with a supplier, or transfer of funds between people, all denominated in AED and settled on-chain rather than through slower conventional systems. For retail users and merchants in the UAE, this means a familiar unit of account with the speed and low cost of blockchain.
As a regulated UAE dirham-backed stablecoin, DDSC provides a local currency alternative to the predominantly US dollar-denominated stablecoins used across global digital asset markets. By enabling transactions directly in UAE dirhams, DDSC supports greater efficiency for domestic payments while strengthening the country's digital financial infrastructure.
Syed Basar Shueb, CEO of IHC, commented that the approval represents another important milestone in the development of the UAE's regulated digital financial ecosystem. Following the successful demonstration of DDSC at institutional scale, this next phase expands its potential reach to businesses and individuals through selected VARA-regulated platforms, supporting faster, more efficient, and fully regulated digital transactions in UAE dirhams.
Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth, and Privileged Client Banking Group at FAB, added that this approval broadens access to regulated digital payments, enabling more businesses and individuals to transact securely in UAE dirhams. By providing access to DDSC through selected VARA-regulated exchange platforms, FAB is making regulated digital payments more accessible across the financial ecosystem.
Ajay Hans Raj Bhatia, CEO of Sirius International Holding, noted that receiving the Central Bank's NOC marks an important step in bringing regulated digital payments closer to everyday users. By extending DDSC beyond institutional applications, Sirius is creating new opportunities for businesses and consumers to transact securely, efficiently, and confidently in UAE dirhams. This milestone reflects the strength of the collaboration between the partners and their shared ambition to accelerate the future of digital finance in the UAE.
This milestone builds on the successful launch of DDSC and the subsequent execution of one of the region's largest stablecoin transactions, reinforcing the long-term vision shared by IHC, FAB, and Sirius to develop trusted, regulated digital financial infrastructure from the UAE for regional and global markets. With access through selected regulated platforms, DDSC is positioned to support an expanding range of payment, settlement, and financial services use cases, contributing to the continued evolution of the UAE's digital economy.