USD-BACKED STABLE COIN

NEWS: UAE central bank approves first USD-backed stable coin

ABOUT

• A USD-backed stablecoin is a cryptocurrency pegged 1:1 to the US dollar, designed to maintain price stability while operating on blockchain networks

• Issued by Universal Digital, a crypto firm regulated by the Abu Dhabi Global Market (ADGM), making it the first foreign payment token issuer registered with the UAE central bank.

Key features

• Approved under the UAE’s Payment Token Services Regulation.
• Suitable for international transfers, trade settlement, and remittances.
• Each token is backed by US dollar reserves, ensuring price stability.
• Blockchain-based settlement: Enables faster, cheaper, and transparent digital payments