Summary
DDSC received CBUAE NOC to list on selected VARA-regulated exchange platforms — specific exchange names not yet disclosed. DDSC is pegged 1:1 to UAE dirham, backed by reserves held by First Abu Dhabi Bank (FAB), settled on ADI Chain (institutional L2). Over Dh150M ($41M) transacted to date. Compared to other Gulf stablecoins: DDSC is dirham-denominated (vs USD stablecoins like USDC/USDT), bank-backed (FAB is UAE's largest bank), and has federal CBUAE approval. AE Coin (another UAE stablecoin project) is still in development.
Key Points
- Specific VARA exchange partners: not yet disclosed; "selected platforms" pending NOC requirements
- Reserve structure: 1:1 dirham peg, reserves held by FAB (UAE's largest bank by assets)
- Settlement: ADI Chain (institutional Layer-2 blockchain by ADI Foundation)
- Volume to date: Dh150M+ ($41M) in institutional transactions
- Partners: IHC (Abu Dhabi sovereign-related), FAB, Sirius International Holding
- Other Gulf stablecoins: AE Coin (in development), no major rival dirham stablecoin yet
- USD stablecoins dominate Gulf market: USDT, USDC >90% of regional volume
- DDSC advantage: local currency eliminates FX friction for domestic UAE payments
- Regulatory framework: CBUAE (federal payment tokens) + VARA (Dubai exchange licensing)
- Retail use: shopping, merchant payments, P2P transfers, supplier invoices