Stablecoins have become an essential component of digital finance, with over $51 trillion in transaction volume over the past year according to Visa's analytics dashboard. TRM Labs estimated that stablecoins will account for 30% of all on-chain crypto transaction volume by 2025.
The UAE is leading the way in embracing stablecoins, with the Central Bank of the UAE approving the Dirham Stablecoin (DDSC) developed by International Holding Company, First Abu Dhabi Bank, and Sirius International Holding. The approval allows DDSC to partner with selected exchange platforms regulated by Dubai's Virtual Assets Regulatory Authority.
DDSC is pegged 1:1 to the UAE dirham and settled on ADI Chain, providing users with a digital asset denominated in AED. This local-currency option can help keep pricing and settlement aligned while adding blockchain settlement speed, programmable payments, and 24/7 availability.
The approval covers the payment-token side, while access through selected VARA-regulated platforms gives users a familiar exchange route into the asset. IHC has processed over AED 150 million in transactions since DDSC's launch, with one of the largest disclosed stablecoin transactions being an AED 110 million transaction on ADI Chain.