Central Bank of the UAE Approves First USD-Backed Stablecoin

The Central Bank of the United Arab Emirates (UAE) said Thursday that it has approved first US dollar-backed stablecoin – dubbed USDU, enabling compliant settlements for cryptos and derivatives.According to a press release, the stablecoin maintains 1:1 reserves backing, safeguarded in onshore accounts at partner banks. The token is issued and managed by a regulated […]

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