Dirham-Backed Stablecoin DDSC Launches on ADI Chain, Licensed by the UAE Central Bank
The Dirham-Backed Stablecoin DDSC, initiated by IHC and FAB, has launched on the ADI Chain with UAE Central Bank approval.Summary
The Dirham-Backed Stablecoin (DDSC), backed 1:1 by UAE Dirham reserves, is now live on ADI Chain, an institutional Layer 2 blockchain infrastructure. The stablecoin was initiated by International Holding Company (IHC) and First Abu Dhabi Bank (FAB), with FAB serving as the banking partner for fiat reserve custody. DDSC is approved and licensed by the UAE Central Bank and operates exclusively on ADI Chain, which is built for regulated global financial infrastructure.
DDSC aims to provide compliant settlement rails for the UAE's significant digital payment and remittance flows. The underlying ADI Chain, developed by Sirius International Holding (IHC's digital arm), is compliance-ready, leveraging ZKsync's Airbender technology and audited by OpenZeppelin. The ADI utility token powers all transactions on the chain. This launch marks the first step in a roadmap to extend the model to other GCC currencies and connect to Africa via M-Pesa, aiming to create a network of interoperable, institution-backed regional stablecoins.
(Source：BeInCrypto)