International Holding Company recently executed a $30 million transaction using the new United Arab Emirates dirham-backed stablecoin.
Key Takeaways:
- IHC executed a landmark $30 million transaction using the new DDSC token on ADI Chain.
- This milestone expands the UAE crypto market, following approvals for Mbank’s AE Coin and Zand’s AEDZ.
- Developers now plan to connect the Middle East with global markets via new DDSC digital trade corridors.
Major Institutional Transaction Executed
The Abu Dhabi-based global investment company, International Holding Company (IHC), has executed a $30 million (AED 110 million) transaction using a stablecoin backed by the United Arab Emirates (UAE) dirham, marking the first major institutional use of the stablecoin since receiving regulatory approval. The transaction was carried out using the DDSC stablecoin on ADI Chain, an institutional Layer-2 blockchain developed by the ADI Foundation.
Officials said the multimillion-dollar transaction demonstrates the digital currency ecosystem’s operational readiness and ability to handle institutional volumes. DDSC was created through a partnership among IHC, First Abu Dhabi Bank and Sirius International Holding, with technological support from the ADI Foundation.
The Central Bank of the UAE’s approval of the DDSC stablecoin earlier this year is part of a broader regulatory push that has already seen multiple dirham-backed tokens clear licensing hurdles. As per one report, the first AED stablecoin to secure central bank approval was the AE Coin, issued by Al Maryah Community Bank (Mbank). Additionally, Zand Bank recently obtained a license for AEDZ, distinguishing itself as the UAE’s first regulated, multi-chain AED-backed stablecoin designed to operate natively on public blockchains.
According to a media statement, the project aims to provide secure and regulated digital transactions for corporations and individuals while speeding up cross-border payments and trade settlements.
“This transaction demonstrates that the UAE’s digital infrastructure is live, resilient, and ready to support real institutional financial activity,” Syed Basar Shueb, chief executive officer of IHC, said in a statement. “Executing 110 million DDSC on ADI Chain is a clear signal that we are entering the next phase, where institutional-grade digital assets are not only viable, but operational at scale.”
Proponents of stablecoins argue they reduce the high costs, delays and complexities associated with traditional international banking systems, particularly in emerging markets.
Following the successful transaction, developers said they plan to expand institutional participation and establish new digital trade and payment corridors connecting the Middle East with global markets.