Each token is backed 1:1 by reserves held in Saudi riyals and UAE dirhams, both of which are pegged to the U.S. dollar.
Crypto News
Palm Azgar Finance has announced that its Shariah-compliant stablecoin, PUSD, will deploy on ADI Chain, a layer-2 blockchain built for institutional settlement in the Middle East. The move adds a second stablecoin to the network, which was originally designed to host a dirham-backed token.
PUSD holds approximately $2.3 billion in circulating supply. Each token is backed 1:1 by reserves held in Saudi riyals and UAE dirhams, both of which are pegged to the U.S. dollar.
The stablecoin already operates on Ethereum, BNB Chain, Solana and Tron. ADI Chain marks its latest blockchain integration, expanding the number of networks where institutions can access the token.
ADI Chain was built as the settlement layer for a dirham-backed stablecoin jointly initiated by International Holding Company and First Abu Dhabi Bank. The Central Bank of the UAE licensed that token, and the chain's infrastructure now supports both dollar-linked and dirham-denominated assets on the same platform.
The network is designed to support settlement corridors linking the Gulf, the broader Middle East, and parts of Africa. Fees on the chain are paid using its native token. PUSD is aimed at corporate treasuries, exchanges, and payment processors rather than individual users.
According to the ADI Foundation, IslamicFinance assets globally exceed $3 trillion. PUSD is structured to give institutions operating under Shariah-compliant frameworks access to on-chain settlement without requiring them to use interest-bearing instruments.
The UAE has developed a multi-layered regulatory framework for digitalassets over the past two years. The Central Bank and Abu Dhabi Global Market have each established separate rules covering stablecoins and virtual asset providers. Several institutions have moved to launch dirham-pegged tokens under that framework in recent months.
In December, telecom operator e& signed an agreement with Al Maryah Community Bank to pilot a dirham-pegged stablecoin for consumer payments. RAKBank received in-principle approval from the central bank the following month to issue its own dirham-backed token, pending final regulatory and operational conditions. Universal Digital launched USDU in January, a U.S. dollar-backed stablecoin registered under the UAE's Payment Token Services Regulation and the first dollar-denominated token approved for payment use within that framework. The Financial Services Regulatory Authority has also granted operating approvals inside ADGM's financial zone to Tether, Ripple USD, and Circle.
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