The International Holding Company (IHC) executed a 110 million dirham ($30 million) transaction using the DDSC stablecoin on ADI Chain. The company described the transfer as one of the largest disclosed stablecoin transactions executed in the United Arab Emirates.
The transaction follows recent approval from the UAE central bank for the dirham-backed stablecoin ecosystem launched by IHC, First Abu Dhabi Bank and Sirius International Holding.
DDSC operates on ADI Chain, a layer-2 blockchain developed by ADI Foundation. According to the announcement, the system is designed for institutional use cases including cross-border payments, treasury operations and trade settlement.
The IHC said the transaction was intended to demonstrate that DDSC and ADI Chain can support institutional-scale financial activity, with future plans focused on payment corridors linking the Middle East with global markets.
First Abu Dhabi Bank is the largest bank in the UAE by assets, while IHC is one of the country’s largest listed investment companies.
The announcement comes as UAE financial institutions and digital asset companies expand regulated stablecoin infrastructure. In January, Universal Digital launched USDU, which it described as the first US dollar-backed stablecoin registered by the Central Bank of the UAE under the country’s Payment Token Services Regulation framework.
Crypto companies expand regulated UAE operations
The UAE has continued attracting global crypto exchanges and financial institutions seeking regulated access to the regional market as the country expands licensed digital asset services tied to payments, custody and institutional trading.
Earlier this month, Crypto.com received a Stored Value Facilities license from the central bank allowing residents to pay Dubai government fees using cryptocurrencies through the company’s platform. The approval allows the company to support payments under Dubai’s broader cashless government payments strategy.
Crypto.com secures SVF license. Source: Crypto.com
Meanwhile, BNY partnered with Finstreet and ADI Foundation in May to develop institutional digital asset custody services in Abu Dhabi, with initial support for Bitcoin (BTC) and Ether (ETH) and plans to later expand into stablecoins and tokenized assets.
On Thursday, Kraken said it received preliminary approval from Dubai’s VARA regulator as part of its planned expansion in the UAE. The company said the approval would support UAE dirham funding, margin and over-the-counter trading, along with institutional services through Kraken Prime.