UAE's central bank has approved a USD-backed stablecoin

The USDU stablecoin is issued by Universal Digital, a crypto firm regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). What to know : Reserves backing USDU are held 1:1 in safeguarded onshore accounts at Universal’s banking partners: Emirates NBD and Mashreq, with Mbank. Digital asset infrastructure firm Aquanow has been appointed as a global distribution partner, supporting institutional access to USDU outside the UAE.