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Universal Digital Launches USDU Stablecoin In UAE
Universal Digital is the first company to issue a dollar-backed stablecoin in the region and looks to establish a lead with a regulated license.
Stablecoin issuers are choosing their partnerships carefully across jurisdictions, with UAE being particularly active in regulating its digital asset framework (Ling Tang / Unsplash)
Universal has announced they are launching a U.S. dollar-backed stablecoin.
Issued by Universal Digital from the UAE and regulated according to the ABGM (Abu Dhabi Global Market) framework and labelled as a FPT (Foreign Payment Token), USDU is latest addition to the stablecoin market. Now approved, this is the first stablecoin from the UAE with foreign fiat reserves.
CEO of Universal Juha Viitala expressed:
“USDU sets a new benchmark for regulated digital value. Being the first Foreign Payment Token registered by the UAE Central Bank - and supported by leading UAE banks - gives institutions the clarity and confidence they have been waiting for."
On the custody side, the company has partnered with reputable banks including Mbank, Mashreq and Emirates NBD. Importantly, it has noted a clear distribution partner with Aquanow and will offer interoperable conversion solutions with AECoin (dirham-backed).
Universal will be undertaking a monthly accounting and reserve audit by Crowe to ensure that attestations are kept updated (first batch still to be released). For smart contracts involved, they have already undergone a Certik audit check.
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