“DDSC” coin obtains approval from the Central Bank to partner with selected trading platforms subject to the supervision of the Virtual Assets Regulatory Authority

“The digital stable currency backed by the UAE dirham”DDSC“, which was issued in the framework of cooperation between the International Holding Company, First Abu Dhabi Bank, and Sirius International Holding, and received a no-objection certificate from the Central Bank of the United Arab Emirates to make it available through selected trading platforms subject to the supervision of the Virtual Assets Regulatory Authority.

According to a press release issued today, this approval, which was granted after fulfilling the requirements of the Central Bank, represents a new achievement in the process of launching a currency.DDSC“, as it will pave the way for broader adoption of a regulated digital asset denominated in the UAE dirham to include payment and settlement transactions across the digital economy in the UAE.

It is reported that the digital stable currency “DDSC“Linked to the UAE Dirham in an equal ratio (1:1), and settled on the ADI blockchain network (ADI Chain), which is an advanced second-layer technology developed by the organization.

Since its launch, the currency has provenDDSC“Extensive institutional capabilities, with transactions worth over AED 150 million having been executed to date, an indication of the system’s scalability, flexibility and operational readiness. Subject to fulfilling the NOC requirements, the currency will be made available.”DDSC” via selected trading platforms supervised by the Virtual Assets Regulatory Authority, making it easier for users to access, purchase and redeem the currency through channels compatible with approved regulatory frameworks.

The partnership with selected licensed platforms also contributes to expanding the use of the currency outside the framework of institutions. When it is made available through these platforms, it will support daily payments, such as shopper payment transactions to merchants, settlement transactions between companies and suppliers, or money transfer between individuals. All of these transactions are denominated in the UAE dirham and are settled on the blockchain network, providing a faster and more efficient alternative to traditional systems.

For individual users and merchants in the UAE, the “ DDSC“Transacting in a familiar unit of value, while taking advantage of the speed and low cost of blockchain technology.

As a leading digital stablecoin, regulated and backed by the UAE Dirham, it provides…DDSC“A local currency alternative to stable digital currencies often denominated in US dollars and used in global digital asset markets.

By enabling transactions directly in UAE dirhams, the currency helps…DDSC“To achieve greater efficiency in local payments, while strengthening the digital financial infrastructure in the country.

Sayed Basr Shuaib, CEO of International Holding Company, said: “This approval represents a new milestone in the process of developing the regulated digital financial system in the UAE, and after successfully proving the capabilities of the digital stable currency.”DDSC“At the institutional level, this new phase expands the scope of its use to include companies and individuals, through selected platforms licensed by the Virtual Assets Regulatory Authority, supporting the implementation of faster, more efficient and fully regulated digital transactions in the UAE dirham.

He added: We affirm our commitment at the International Holding Company to developing an innovative financial infrastructure that enhances the UAE’s global leadership position in the field of digital assets and advanced financial services.

Futoun Hamdan Al Mazrouei, Head of the Retail, Business and Wealth Management Banking and Distinguished Clients Group at First Abu Dhabi Bank, said that this approval provides greater opportunities for adopting regulated digital payments, enabling more companies and individuals to carry out their transactions in the UAE dirham in a safe and reliable environment, and by providing access to the stable digital currency. DDSC Through selected platforms licensed by the Virtual Assets Regulatory Authority, First Abu Dhabi Bank contributes to enhancing the use of regulated digital payments across the financial system, as a commitment to continuing to develop innovative payment solutions that keep pace with the changing needs of our customers, and support the UAE’s vision of building a world-leading digital economy.

Ajay Hans Raj Bhatia, CEO of Sirius International Holding, said: “We have obtained a no-objection certificate from the Central Bank to make the digital stable currency available.”DDSC“On selected trading platforms licensed by the Virtual Assets Regulatory Authority, this is an important step towards making regulated digital payments available for everyday use, and by expanding the use of the currency.”DDSC“In additional areas beyond institutional use, we provide new opportunities for businesses and consumers to transact in AED safely, efficiently and confidently.

He added: This important milestone reflects the strength of cooperation between our partners, and our ambitious shared vision to accelerate the future of digital finance in the UAE.

This achievement represents an extension of the successful launch of the digital stable currency.”DDSC“, which was followed by the implementation of one of the largest stable digital currency transactions in the region, which reinforces the long-term vision that brings together the International Holding Company, First Abu Dhabi Bank and Sirius to develop a reliable and regulated digital financial infrastructure from the UAE to regional and global markets.

And with availability DDSC Through selected licensed platforms, the currency will support more uses for payment, settlement and financial services, contributing to advancing the development of the digital economy in the UAE.