UAE-backed DDSC stablecoin processes $30M institutional transaction
The transfer was executed on ADI Chain, a layer-2 blockchain designed for institutional payments, treasury operations and trade settlement.
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.