Abu Dhabi, July 3 (WAM) - The UAE-backed stablecoin "DDSC", which was issued as part of a collaboration between Global Company Holdings, Abu Dhabi First Bank and Sirius International Holding, has received a non-objection certificate from the Central Bank of the UAE to be made available on selected trading platforms under the supervision of the Virtual Assets Regulatory Authority.

According to a press release issued today, this approval, which was granted after meeting the requirements of the central bank, represents a new milestone in the journey of launching the DDSC coin, as it will pave the way for wider adoption of an organized digital asset pegged to the UAE dirham to include payment and settlement transactions across the digital economy in the United Arab Emirates.

It is worth noting that the stablecoin "DDSC" is linked to the UAE dirham at a 1:1 ratio, and it is settled on the ADI Chain blockchain network, which is an advanced second-layer technology developed by the institution.

Since its launch, DDSC has demonstrated extensive institutional capabilities, with transactions valued over AED 150 million so far, indicating the system's scalability, flexibility, and operational readiness; subject to meeting the requirements of the non-objection certificate, DDSC will be made available on selected trading platforms under the supervision of the Virtual Assets Regulatory Authority, which will facilitate access for users to buy and redeem the currency through channels compliant with approved regulatory frameworks.

The partnership with selected licensed platforms also contributes to expanding the use of the currency outside institutions. When made available through these platforms, it will support daily payments such as shoppers paying merchants, business-to-business and supplier settlements, or money transfers between individuals. All these transactions are denominated in the UAE dirham and settled on a blockchain network, providing an alternative that is faster and more efficient than traditional systems.

For individual users and traders in the United Arab Emirates, the DDSC currency allows them to deal with a familiar unit of value while benefiting from the speed and low cost of blockchain technology.

As a leading stable digital currency, regulated and backed by the UAE dirham, DDSC provides an alternative denominated in local currency to stablecoins that are often pegged to the US dollar and used in global digital asset markets.

By making transactions available directly in the UAE dirham, DDSC helps achieve greater efficiency in domestic payments while strengthening the country’s digital financial infrastructure.

Sayed Basir Shaib, CEO of Global Holding Company, said that this approval represents a new and significant achievement in the development of the regulated digital financial system in the United Arab Emirates. After successfully proving the capabilities of the stablecoin DDSC at an institutional level, this new phase expands its use to include businesses and individuals through selected licensed platforms from the Virtual Assets Regulatory Authority. This supports the implementation of faster, more efficient, and fully regulated transactions denominated in the UAE dirham.

He added: “We are committed at Global Company Holdings to developing an innovative financial infrastructure that enhances the UAE’s global position as a leader in digital assets and advanced financial services.”

Fatou Hamdan Al Mazrouei, Head of Personal, Business Banking, Wealth Management and VIP Client Group at First Abu Dhabi Bank (FAB), said: “This approval opens up greater opportunities for regulated digital payments to be adopted, enabling more businesses and individuals to transact in the UAE Dirham in a safe and trusted environment. By providing access to the stablecoin DDSC through selected platforms licensed by the Virtual Assets Regulatory Authority, FAB is contributing to the wider adoption of regulated digital payments across the financial system, as it continues to develop innovative payment solutions that meet our customers’ evolving needs and support the vision of the UAE to build a globally leading digital economy.”

Ajay Hans Raj Patel, CEO of the Sirius International Holdings Group, said: “Obtaining the No Objection Certificate from the Central Bank for the availability of the stablecoin DDSC on selected trading platforms licensed by the Virtual Assets Regulatory Authority is an important step towards making regulated digital payments available for everyday use. By expanding the use of DDSC to additional areas beyond institutional use, we are providing new opportunities for businesses and consumers to transact in the UAE Dirham safely, efficiently and with confidence.”

He added: “This milestone reflects the strength of our partnership and our shared vision to accelerate the future of digital finance in the UAE.”

This achievement builds on the successful launch of the stablecoin, DDSC, followed by one of the largest stablecoin transactions in the region. This reinforces the long-term vision of global holding company, First Abu Dhabi Bank (FAB) and Sirus to develop a trusted and regulated digital financial infrastructure from the UAE to regional and global markets.

With DDSC now available on select licensed platforms, the currency will support further use cases for payments, settlement, and financial services, contributing to the development of the digital economy in the UAE.