UAE Giant IHC Completes First Institutional-Grade Dirham Stablecoin Transaction, Valued at $30 million

BlockBeats News, May 26th, According to official sources, International Holding Corporation (IHC) based in Abu Dhabi announced that it has completed a $30 million (110 million AED) transaction using a UAE dirham-backed stablecoin. This marks the first major institutional application of the stablecoin since receiving regulatory approval. The transaction was conducted using the DDSC stablecoin on the institutional-grade Layer-2 blockchain ADI Chain developed by the ADI Foundation.

The officials stated that this million-dollar transaction demonstrated the readiness of the digital currency ecosystem and the capability to handle institutional-level transaction volumes. DDSC was created through a collaboration between IHC, First Abu Dhabi Bank, and Sirius International Holding, with technical support from the ADI Foundation.

The UAE Central Bank's approval of DDSC earlier this year is part of a broader regulatory push that has seen several dirham-pegged tokens being licensed. The CEO of IHC stated in a release, "This transaction demonstrates that the UAE's digital infrastructure is active, robust, and ready to support real institutional financial activity."