The Central Bank of the UAE has issued a certificate of no objection to the launch of the UAE dirham-backed stablecoin “DDSC” through selected trading platforms subject to the supervision of the Virtual Assets Regulatory Authority.
The approval came after the bank's requirements were met, and it is an important step in launching "DDSC" as it paves the way for wider adoption of a regulated digital asset denominated in UAE dirhams to include payment and settlement transactions in the UAE's digital economy, according to what the Emirates News Agency reported on Friday.
DDSC is a stablecoin launched in collaboration between International Holding Company, First Abu Dhabi Bank, and Sirius International Holding. It is pegged to the dirham at a fixed rate and settled via the ADI Foundation's blockchain network, a sophisticated second-layer technology developed by the foundation.
