PUSD Joins ADI Chain, Expanding Islamic Finance Reach

Palm Azgar Finance has announced that its PUSD stablecoin—tied to Gulf currencies and pegged to the US dollar—is now live on ADI Chain, a Layer‑2 network focused on institutional settlement across the Middle East.

Key Highlights

• Circulation & Backing
• Roughly $2.3 billion in circulation.

• Fully backed 1:1 by reserves in Saudi riyals and UAE dirhams.

• Previous Platforms
• Ethereum, BNB Chain, Solana, and Tron.

• ADI Chain is the newest home.

• Strategic Impact

• Adds a second stablecoin to ADI Chain, giving banks and institutions the choice between a dollar‑linked token or a dirham‑denominated one for settlement.

• Network Background
• Created by International Holding Company and First Abu Dhabi Bank under a license from the UAE Central Bank.
• Fees are paid with ADI Chain’s native token, targeting Gulf, Middle Eastern, and African corridors.

• Target Users
• Corporate treasuries, exchanges, and payment processors seeking a Shariah‑compliant asset.

Regulatory Context

• The UAE has established a multi‑layered regulatory framework for digital assets, with the Central Bank and Abu Dhabi Global Market (ADGM) setting stablecoin rules.
• Recent pilots include a dirham‑pegged token tested by telecom giant e& and Al Maryah Community Bank, plus RAKBank’s pending approval to issue a similar coin.
• In January, Universal Digital launched USDU, the first dollar‑backed stablecoin approved for payments under new regulation.
• The Financial Services Regulatory Authority has cleared major crypto firms—Tether, Ripple USD, and Circle—to operate in the ADGM zone.

These developments illustrate a growing acceptance of digital currencies that blend local regulations with global financial standards.