DDSC, the UAE dirham-backed stablecoin developed by IHC, First Abu Dhabi Bank (FAB) and Sirius International Holding, has received a No Objection Certificate (NOC) from the Central Bank of the UAE (CBUAE) to go live on selected Virtual Assets Regulatory Authority (VARA)-regulated exchange platforms.
The approval was granted after DDSC met the CBUAE’s requirements and marks the latest milestone in the stablecoin’s rollout, opening the way for wider adoption of a regulated dirham-denominated payment and settlement asset across the UAE’s digital economy.
What DDSC has done so far
DDSC is pegged 1:1 to the UAE dirham and settles on ADI Chain, an institutional Layer-2 blockchain developed by ADI Foundation. Since launch, the stablecoin has processed more than AED 150 million in transactions, including what its backers describe as one of the region’s largest stablecoin transactions.
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DDSC Central Bank approval – Extending access through regulated exchanges
Once live on selected VARA-regulated platforms, DDSC will be easier for users to access, buy and redeem through compliant channels. The partnership also takes DDSC beyond its institutional use case: the companies said it could support everyday payments such as a shopper paying a merchant, a business settling with a supplier, or transfers between individuals, all denominated in dirhams and settled on-chain rather than through conventional payment rails.
As a regulated, dirham-backed stablecoin, DDSC is positioned as a local-currency alternative to the largely US dollar-denominated stablecoins that dominate global digital asset markets.
Partners on the next phase
Syed Basar Shueb, chief executive of IHC, said the approval “represents another important milestone in the development of the UAE’s regulated digital financial ecosystem,” adding that the next phase “expands its potential reach to businesses and individuals through selected VARA-regulated platforms.”
Futoon Hamdan AlMazrouei, group head of personal, business, wealth and privileged client banking at FAB, said the approval “broadens access to regulated digital payments, enabling more businesses and individuals to transact securely in UAE dirhams.”
Ajay Hans Raj Bhatia, chief executive of Sirius International Holding, said the NOC “marks an important step in bringing regulated digital payments closer to everyday users,” extending DDSC beyond institutional applications to businesses and consumers.
The three partners said the milestone builds on DDSC’s launch and reflects a shared ambition to develop regulated digital financial infrastructure from the UAE for regional and global markets.
