Fasset plans to list DDSC, a UAE dirham-backed stablecoin, once it receives approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
The listing would allow users to swap DDSC for dollar-pegged stablecoins including USDC and USDT. According to the companies, the partnership also lays the groundwork for card issuance, merchant payment acceptance and fiat on- and off-ramp services for DDSC across the UAE.
DDSC is issued through a collaboration between International Holding Company, First Abu Dhabi Bank and Sirius International Holding. It is pegged 1:1 to the UAE dirham and settles on ADI Chain, an institutional layer-2 blockchain developed by ADI Foundation.
DDSC received approval from the Central Bank of the UAE to go live in February 2026. In July, it secured a no-objection certificate from the central bank, allowing distribution through selected VARA-regulated platforms for retail and merchant use.
More than AED150 million, equivalent to about $40.8 million, has been transacted across the network since launch.
Source: Fintech News UAE
