BAE Central Bank Approves USD-Backed Stablecoin

BAE's New Stablecoin USDU

The Central Bank of the United Arab Emirates has approved a new stablecoin, USDU, backed by the US Dollar. This stablecoin is supported by reserves held in onshore accounts at Emirates NBD and Mashreq, which are protected at a 1:1 ratio.

With this significant development, digital asset infrastructure firm Aquanow has been appointed as the global distribution partner to support the access of USDU to institutional investors outside of the UAE.