Universal Digital Launches First UAE-Registered US Dollar Stablecoin
- Universal Digital has launched USDU, the first US dollar-backed stablecoin registered by the Central Bank of the UAE as a Foreign Payment Token.
- USDU is issued as an ERC-20 token on Ethereum and is fully backed by US dollars held in safeguarded accounts at Emirates NBD and Mashreq.
- The registration under the Payment Token Services Regulation (PTSR) positions Universal as the UAE’s first Foreign Payment Token Issuer.
- The stablecoin aims to provide a regulated settlement option for digital assets within the UAE’s financial framework.
- Aquanow has been appointed as a global distribution partner to enhance institutional access to USDU.
The launch of USDU signifies a major step in establishing a regulated framework for stablecoins in the UAE, aligning with international standards for digital assets. This initiative enhances user confidence through regulatory oversight and third-party attestations.
With its dual registration from both the CBUAE and FSRA, USDU provides a clear compliance pathway for institutions engaging in digital asset transactions. (Source)
