UAE Central Bank Grants DDSC Stablecoin Approval for VARA Platforms

According to Forbes Middle East, the Central Bank of the UAE granted a no-objection certificate to DDSC, the dirham-backed stablecoin, clearing it for listing on Virtual Assets Regulatory Authority (VARA) regulated exchange platforms. Developed by International Holding Company, First Abu Dhabi Bank and Sirius International Holding, DDSC is pegged 1-to-1 to the UAE dirham and will now transition from institutional testing to retail consumer and merchant payments across the UAE.

During its institutional trial phase, DDSC processed over $40 million in transactions, demonstrating operational stability. The stablecoin is positioned as a local alternative to U.S. dollar-denominated stablecoins, which command more than 90% of the global digital asset market.