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 from the Central Bank of the UAE to go live on selected Virtual Assets Regulatory Authority (VARA)-regulated exchange platforms.
The approval, granted upon fulfilment 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, said a statement from IHC.
Since its launch, DDSC has demonstrated institutional-scale capabilities, with over AED150 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, that means a familiar unit of account with the speed and low cost of blockchain, it stated.
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.
On the strategic approval, Syed Basar Shueb, the Chief Executive Officer of IHC, said: It 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,” he stated.
“At IHC, we remain committed to advancing innovative financial infrastructure that strengthens the UAE’s position as a global leader in digital assets and next-generation financial services,” he added.
Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth and Privileged Client Banking Group at FAB, said: “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, we are making regulated digital payments more accessible across the financial ecosystem.”
“At FAB, we remain committed to delivering innovative payment solutions that support the evolving needs of our clients, while contributing to the UAE's vision to build a globally leading digital economy,” he stated.
Ajay Hans Raj Bhatia, CEO of Sirius International Holding, said: “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, we are 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 our partners and our shared ambition to accelerate the future of digital finance in the UAE,” he added.
Bhati pointed out that 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,” he added.
