- Universal has launched the USDU in the UAE.
- USDU is the first Central Bank-registered stablecoin in the UAE.
- Leading UAE banks supported Universal’s USDU stablecoin project.
Universal Digital International Limited (Universal) has launched the USDU as the first USD-backed stablecoin registered by the Central Bank of the UAE as a Foreign Payment Token under the Payment Token Services Regulation (“PTSR”).
Another Milestone in the UAE’s Digital Advancement
This landmark event marks a significant milestone in the UAE’s push towards developing a regulated digital asset infrastructure. In its latest press release, Universal stated that its latest achievement positions the USDU stablecoin as the UAE’s first compliant USD-denominated settlement for digital assets.
In the meantime, considering the prevailing regulatory framework for digital assets in the UAE, the USDU now provides a clear and compliant settlement option for the UAE digital asset market. It highlights the UAE’s advancement ahead of its global counterparts in achieving a compliant digital asset settlement regime.
According to Universal’s SEO, Juha Vitala, USDU sets a new benchmark for regulated digital value. Vitala stated that, as the first Foreign Payment Token registered by the UAE Central Bank and supported by leading UAE banks, it gives Universal the clarity and confidence it has been waiting for. He further stated that it lays the groundwork for a more transparent and efficient digital-asset market in the UAE and beyond.
Top UAE Banks Partnered With Universal
For context, Universal highlighted its strategic banking relationships with top UAE banks, including Emirates NBD, Mashreq, and Mbank. The stablecoin issuer considers collaborating with these banks as an institutional-based backbone behind the USDU, signaling the growing confidence among key regional banking players.
In the meantime, Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, expressed his firm’s delight at supporting Universal for introducing USDU to the UAE’s financial services ecosystem. According to Daniel, the process aligns with Emirates NBD’s protocol for supporting solutions that bolster the UAE’s rapidly developing, well-regulated digital-asset infrastructure.
The UAE Leads Stablecoin’s Mainstream Encroachment
Universal’s latest achievement highlights the rapid encroachment of stablecoin solutions into the mainstream, particularly in the UAE, a region currently renowned for improving its regulatory framework to accommodate the digital asset class.
Over the past few years, the UAE’s government has taken significant steps, including implementing the PTSR, launching the digital Dirham, integrating with the banking system, and network adoption, all of which reflect its push toward achieving an efficient and compliant digital asset system.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
