Fasset to list DDSC in global first
Arabian Post Staff -Dubai Fasset will become the first platform worldwide to list DDSC, the UAE dirham-backed stablecoin, under a new collaboration that will also allow users to swap the token with major dollar-backed stablecoins including USDC and USDT. The arrangement expands DDSC’s distribution beyond its initial institutional use and follows regulatory approvals that opened the way for the…
Dubai-based Fasset will be the first platform globally to list the UAE dirham-backed stablecoin DDSC in a new collaboration, according to a press release. This move will also enable users to swap DDSC with major dollar-backed stablecoins such as USDC and USDT. The partnership, approved by Dubai’s Virtual Assets Regulatory Authority, will provide a regulated route for users to access, exchange, and utilize DDSC through Fasset's digital financial infrastructure.
The integration will allow customers to move between DDSC and other supported stablecoins, and potentially lead to joint card issuance, merchant payment acceptance, and fiat on- and off-ramp services, subject to regulatory approval. DDSC, pegged 1:1 to the UAE dirham and operating on the ADI Chain, was approved by the Central Bank of the UAE in February.
By early July, over Dh150 million in DDSC transactions had been processed. Fasset serves over three million wallets and processes more than $40 billion in annualized transaction volume, with more than 1,000 enterprises across 125 countries. The DDSC listing builds on a previous partnership between Fasset and ADI Foundation, which allowed Fasset to provide regulated onboarding and fiat on- and off-ramp infrastructure for blockchain-based financial services on ADI Chain.
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