DDSC, the UAE dirham-backed stablecoin developed through the collaboration between 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, granted upon fulfilment of the CBUAE’s requirements, marks another major milestone in the rollout of DDSC, paving the way for broader adoption of a regulated UAE dirham-denominated digital payment and settlement asset across the UAE’s digital economy.
Subject to meeting the NOC requirements, DDSC will be able to go live on selected VARA-regulated exchange platforms, making it easier for users to access, buy, and redeem DDSC through compliant channels.
Partnership with selected regulated platforms also extends DDSC beyond institutional use. Once available through these platforms, DDSC can support everyday payments, such as a shopper paying a merchant, a business settling with a supplier, or the transfer of funds between people, all denominated in AED and settled on-chain rather than through slower conventional systems. For retail users and merchants in the UAE, that means a familiar unit of account with the speed and low cost of blockchain.
As a regulated UAE dirham-backed stablecoin, DDSC provides a local currency alternative to the predominantly US dollar-denominated stablecoins used across global digital asset markets. By enabling transactions directly in UAE dirhams, DDSC supports greater efficiency for domestic payments while strengthening the country’s digital financial infrastructure.
Syed Basar Shueb CEO – IHC
“This approval represents another important milestone in the development of the UAE’s regulated digital financial ecosystem. Following the successful demonstration of DDSC at an institutional scale, this next phase expands its potential reach to businesses and individuals through selected VARA-regulated platforms, supporting faster, more efficient, and fully regulated digital transactions in UAE dirhams. At IHC, we remain committed to advancing innovative financial infrastructure that strengthens the UAE’s position as a global leader in digital assets and next-generation financial services.”
Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth, and Privileged Client Banking Group at FAB, said that, “This approval broadens access to regulated digital payments, enabling more businesses and individuals to transact securely in UAE dirhams. By providing access to DDSC through selected VARA-regulated exchange platforms, we are making regulated digital payments more accessible across the financial ecosystem.
Ajay Hans Raj Bhatia, CEO of Sirius International Holding, commented that, “Receiving the Central Bank’s NOC marks an important step in bringing regulated digital payments closer to everyday users. By extending DDSC beyond institutional applications, we are creating new opportunities for businesses and consumers to transact securely, efficiently, and confidently in UAE dirhams. This milestone reflects the strength of the collaboration between our partners and our shared ambition to accelerate the future of digital finance in the UAE.”
