DDSC cleared UAE central bank standards for VARA listing after a $40M trial. IHC used the stablecoin for a $30M transfer.
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The UAE central bank issued a no-objection certificate to the dirham-backed stablecoin DDSC, clearing it for listing on exchange platforms regulated by Dubai's Virtual Assets Regulatory Authority. The move transitions the token from a private corporate network into public retail channels.
Under the Payment Token Services Regulation, the central bank holds sole authority over payment tokens. VARA licenses Dubai-based exchanges. Federal clearance is required before those platforms can list or convert local-currency stablecoins. The certificate confirms that DDSC met the central bank's compliance and asset-backing standards.
DDSC is pegged 1-to-1 to the UAE dirham and runs on the ADI blockchain. It was developed through a collaboration among International Holding Company (IHC), First Abu Dhabi Bank and Sirius International Holding. During an institutional trial, DDSC processed more than $40 million (150 million dirhams) in transactions to test stability and capacity.
"This approval represents another important milestone in the development of the UAE's regulated digital financial ecosystem," said Syed Basar Shueb, CEO of IHC.
The stablecoin is positioned as a local alternative to U.S. dollar-denominated stablecoins, which command more than 90% of the global digital asset market. By using local currency on a blockchain, businesses and consumers bypass legacy banking corridors, avoiding payment delays and transaction fees. The platform allows instant settlement in dirhams for peer-to-peer transfers and merchant payouts. Supplier invoices can also settle instantly.
The approval reflects the UAE's multi-jurisdictional framework. At the federal level, the central bank regulates stablecoins. The Capital Market Authority oversees investment-related virtual asset service providers. This regulatory boundary is designed to shift the local digital asset market from speculative trading toward real-world utility.
International Holding Company recently executed a $30 million transaction using the stablecoin. The certificate now allows DDSC to move beyond the trial phase into broader consumer access on approved VARA platforms.
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