Fasset will list DDSC, the UAE’s dirham-backed stablecoin, once it receives approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
The listing will let users swap DDSC for dollar-pegged stablecoins such as USDC and USDT.
DDSC is issued through a collaboration between International Holding Company (IHC), First Abu Dhabi Bank (FAB) and Sirius International Holding.
It settles on ADI Chain, an institutional layer-2 blockchain built by ADI Foundation. DDSC is pegged 1 to 1 to the UAE dirham.
According to the companies, the partnership also sets the stage for joint card issuance, merchant payment acceptance and fiat on- and off-ramp infrastructure for DDSC across the UAE.
“Our shared ambition is to make DDSC something people can spend, accept and convert as easily as cash, through cards, merchants and seamless on- and off-ramps across the UAE,”
said Mohammad Raafi Hossain, Co-Founder and Chief Executive of Fasset.
“Working with a compliance-first platform reflects exactly how we intend to grow DDSC stablecoin: responsibly, transparently, and always within a clear regulatory framework,”
said Mohammed Ahmed, Chief Executive of DDSC.
DDSC received approval from the Central Bank of the UAE (CBUAE) to go live in February 2026.
It runs on ADI Chain, which has since drawn collaborations with Mastercard, BlackRock, Franklin Templeton and Chainlink.
In July 2026, DDSC secured a No Objection Certificate from the CBUAE. This let it distribute through selected VARA-regulated platforms, opening the stablecoin to retail and merchant use.
More than AED150 million, about US$40.8 million, has been transacted across the network since launch.
Featured image: Edited by Fintech News UAE, based on image by Fasset via its Press Release.
