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Central Bank of the UAE Approves First USD-Backed Stablecoin
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The Central Bank of the UAE has approved the US dollar-backed stablecoin USDU, intended for compliant crypto and derivatives settlements. USDU is backed by 1:1 reserves in partner banks and aims to enhance institutional demand for regulatory transparency. The stablecoin may reduce cross-border settlement costs, boosting MENA's position in the global stablecoin market.
The Central Bank of the United Arab Emirates (UAE) said Thursday that it has approved first US dollar-backed stablecoin – dubbed USDU, enabling compliant settlements for cryptos and derivatives.
According to a press release, the stablecoin maintains 1:1 reserves backing, safeguarded in onshore accounts at partner banks. The token is issued and managed by a regulated entity, Universal Digital.
Universal’s banking partners include Emirates NBD and Mashreq, with monthly independent attestation. Meanwhile, Mbank serves as strategic banking partner.
Further, Aquanow, a crypto infrastructure firm, serves as a global distribution partner. It also supports professional clients’ access to USDU outside the UAE wherever permitted.
“Being the first Foreign Payment Token registered by the UAE Central Bank – and supported by leading UAE banks – gives institutions the clarity and confidence they have been waiting for,” said Juha Viitala, CEO at Universal Digital.
USDU Stablecoin Addresses Institutional Demand
The stablecoin addresses institutional demand for regulatory transparency in digital assets, the release said.
USDU potentially reduces cross-border settlement costs, enhancing MENA’s competitiveness in the global stablecoin market.
Stablecoins have been gaining significant traction across the Middle East region. The Central Bank of the UAE granted in-principle approval for AED stablecoin in 2024. Under the new Payment Token Services Regulation, the dirham-pegged AE Coin functions as both a local trading pair and a widely accepted payment method for everyday transactions within the UAE.
The post Central Bank of the UAE Approves First USD-Backed Stablecoin appeared first on Cryptonews.
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UAE Launches First USD-Pegged Stablecoin Under Central Bank Registration
UAE Gets First Central Bank-Registered Stablecoin Courtesy of Universal
Central Bank of the UAE Approves First USD-Backed Stablecoin
Share:
The Central Bank of the UAE has approved the US dollar-backed stablecoin USDU, intended for compliant crypto and derivatives settlements. USDU is backed by 1:1 reserves in partner banks and aims to enhance institutional demand for regulatory transparency. The stablecoin may reduce cross-border settlement costs, boosting MENA's position in the global stablecoin market.
The Central Bank of the United Arab Emirates (UAE) said Thursday that it has approved first US dollar-backed stablecoin – dubbed USDU, enabling compliant settlements for cryptos and derivatives.
According to a press release, the stablecoin maintains 1:1 reserves backing, safeguarded in onshore accounts at partner banks. The token is issued and managed by a regulated entity, Universal Digital.
Universal’s banking partners include Emirates NBD and Mashreq, with monthly independent attestation. Meanwhile, Mbank serves as strategic banking partner.
Further, Aquanow, a crypto infrastructure firm, serves as a global distribution partner. It also supports professional clients’ access to USDU outside the UAE wherever permitted.
“Being the first Foreign Payment Token registered by the UAE Central Bank – and supported by leading UAE banks – gives institutions the clarity and confidence they have been waiting for,” said Juha Viitala, CEO at Universal Digital.
USDU Stablecoin Addresses Institutional Demand
The stablecoin addresses institutional demand for regulatory transparency in digital assets, the release said.
USDU potentially reduces cross-border settlement costs, enhancing MENA’s competitiveness in the global stablecoin market.
Stablecoins have been gaining significant traction across the Middle East region. The Central Bank of the UAE granted in-principle approval for AED stablecoin in 2024. Under the new Payment Token Services Regulation, the dirham-pegged AE Coin functions as both a local trading pair and a widely accepted payment method for everyday transactions within the UAE.
The post Central Bank of the UAE Approves First USD-Backed Stablecoin appeared first on Cryptonews.
Read More
UAE Launches First USD-Pegged Stablecoin Under Central Bank Registration