The UAE dirham-backed stablecoin DDSC — issued through a collaboration between Global One Holding, First Abu Dhabi Bank, and Sirius International Holding — has received a No Objection Certificate from the Central Bank of the UAE to make it available on selected trading platforms supervised by the Virtual Assets Regulatory Authority.
The approval, granted after fulfilment of the Central Bank's requirements, marks a new milestone in the DDSC launch journey, paving the way for broader adoption of a regulated, dirham-denominated digital asset to cover payment and settlement transactions across the UAE's digital economy.
DDSC is pegged to the UAE dirham on a 1:1 basis and is settled on the ADI Foundation's proprietary blockchain network, an advanced Layer 2 technology developed by the foundation. Since its launch, DDSC has demonstrated extensive institutional capabilities, with transactions exceeding 150 million dirhams (AED) executed to date, indicating the ecosystem's scalability, flexibility, and operational readiness. Subject to fulfilment of the No Objection Certificate requirements, DDSC will be made available on selected trading platforms supervised by the Virtual Assets Regulatory Authority, enabling users to access, purchase, and redeem the currency through channels compliant with approved regulatory frameworks.
The partnership with selected licensed platforms also broadens the currency's use beyond the institutional sphere. Once available on these platforms, DDSC will support everyday payments — such as shopper-to-merchant transactions, business-to-supplier settlement transactions, or person-to-person money transfers — all denominated in UAE dirhams and settled on the blockchain, providing a faster and more efficient alternative to traditional systems. For individual users and merchants in the UAE, DDSC enables transactions in a familiar unit of value while benefiting from the speed and low cost of blockchain technology.
As a leading regulated stablecoin backed by the UAE dirham, DDSC provides a local-currency alternative to the predominantly US dollar-denominated stablecoins used in global digital asset markets. By enabling transactions directly in UAE dirhams, DDSC helps achieve greater efficiency in domestic payments while strengthening the country's digital financial infrastructure.
Syed Basar Shueb, Chief Executive Officer of Global One Holding, said: "This approval represents a new landmark achievement in the journey of developing a regulated digital financial ecosystem in the UAE. Following the successful demonstration of DDSC's capabilities at the institutional level, this new phase expands its use cases to include businesses and individuals through selected platforms licensed by the Virtual Assets Regulatory Authority, supporting faster, more efficient, and fully regulated digital transactions in UAE dirhams. We reaffirm Global One Holding's commitment to developing innovative financial infrastructure that strengthens the UAE's leading global position in digital assets and advanced financial services."
Fatoun Hamdan Al Mazrouei, Group Head of Retail and Business Banking, Wealth Management, and Priority Banking at First Abu Dhabi Bank, said: "This approval opens up greater opportunities for the adoption of regulated digital payments, enabling more businesses and individuals to conduct their transactions in UAE dirhams in a safe and trusted environment. By making the DDSC stablecoin accessible through selected platforms licensed by the Virtual Assets Regulatory Authority, First Abu Dhabi Bank contributes to promoting the use of regulated digital payments across the financial ecosystem, in line with its commitment to continuing to develop innovative payment solutions that meet the evolving needs of our customers and support the UAE's vision of building a globally leading digital economy."
Ajay Hans Raj Bhatia, Chief Executive Officer of Sirius International Holding Group, said: "Obtaining the No Objection Certificate from the Central Bank to make the DDSC stablecoin available on selected trading platforms licensed by the Virtual Assets Regulatory Authority is an important step towards enabling regulated digital payments for everyday use. By expanding DDSC's use into additional areas beyond institutional use, we provide new opportunities for businesses and consumers to conduct their transactions in UAE dirhams safely, efficiently, and with confidence. This important milestone reflects the strength of the collaboration among our partners and our shared ambitious vision to accelerate the future of digital finance in the UAE."
This achievement represents an extension of the successful launch of the DDSC stablecoin, which was followed by the execution of one of the region's largest stablecoin transactions, reinforcing the long-term vision shared by Global One Holding, First Abu Dhabi Bank, and Sirius to develop a trusted, regulated digital financial infrastructure from the UAE to regional and global markets. With DDSC made available through selected licensed platforms, the currency will support further payment, settlement, and financial services use cases, contributing to the advancement of the UAE's digital economy.