Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Universal Digital Intl announced the launch of the United Arab Emirates (UAE)’s first stablecoin backed by the US dollar (USDU) and received official approval from the authorities.
According to the company’s statement, Universal Digital became the first issuer of foreign payment tokens registered by the UAE Central Bank under the Payment Token Services Regulation (PTSR).
USDU is issued as an ERC-20 token on Ethereum. According to company representatives, the reserves are backed by US dollars in a 1:1 ratio and are stored in the internal accounts of Universal’s banking partners: Emirates NBD and Mashreq, together with Mbank. Mbank acts as a strategic partner for corporate banking.
Related Posts
“We are seeing growing institutional interest in regulated digital instruments, and the release of USDU by Universal is a timely step that supports the maturation of this market,” the Mashreq team announced.
Universal Digital has also agreed with Aquanow to integrate USDU into the global digital asset ecosystem through a network of regulated service providers to provide access to the stablecoin to corporate buyers outside the UAE.
Earlier, the issuer of the largest stablecoin USDT by capitalization, Tether, announced on the release of the US dollar-pegged stablecoin USAT, created specifically for the American market.
