A dollar-linked stablecoin built to meet Islamic finance standards is now operating on a new blockchain network anchored in the Middle East, adding a second digital currency to a settlement platform backed by some of Abu Dhabi\u2019s biggest financial names.<\/p>\n
PUSD<\/a>, issued by Palm Azgar Finance, holds reserves in Saudi riyals and UAE dirhams \u2014 both pegged to the US dollar \u2014 rather than holding US dollars directly.<\/p>\n That structure<\/a> is central to its Shariah-compliant design, which is aimed at institutions operating under Islamic finance rules that prohibit interest and require asset backing.<\/p>\n The stablecoin has roughly $2.3 billion in circulation and runs on several major blockchains, including Ethereum, BNB Chain, Solana, and Tron. ADI Chain is its newest addition.<\/p>\n ADI Chain<\/a> was built as a settlement layer for a dirham-backed token that came out of a partnership between International Holding Company and First Abu Dhabi Bank. The Central Bank of the UAE licensed it.<\/p>\n\n With PUSD now on board, institutions using the network can settle transactions in either a dollar-linked or dirham-denominated token operating on the same platform.<\/p>\n The ADI Foundation says the network is designed to support payment corridors across the Gulf, broader Middle East, and parts of Africa.<\/p>\n Islamic finance assets are estimated at more than $3 trillion worldwide, according to the ADI Foundation. That market has traditionally been served by conventional banks and funds operating under Shariah<\/a> guidelines, but blockchain-based alternatives have struggled to break through at scale.<\/p>\n Sharia Law At A Glance<\/p>\n Shariah law<\/a> forbids interest, limits speculation, and requires financial instruments to be backed by real assets \u2014 rules that disqualify most crypto products outright. For a stablecoin to meet that standard, it must hold verifiable reserves and generate no interest-based returns.<\/p>\n Certification from a board of qualified Islamic scholars is typically required, though the report does not confirm whether PUSD has obtained one.<\/p>\n PUSD\u2019s move onto ADI Chain is a bid to change that, targeting corporate treasuries, exchanges, and payment processors looking for compliant digital settlement tools.<\/p>\n The UAE has become one of the more active regulatory environments<\/a> for stablecoins. Several frameworks have been put in place by the Central Bank and the Abu Dhabi Global Market, covering both dirham-pegged and dollar-denominated tokens.<\/p>\n Global Players Already In The UAE Space<\/p>\n Approvals have also been extended to established names. Tether<\/a>, Ripple USD<\/a>, and Circle have all been cleared to operate within the ADGM financial zone by its Financial Services Regulatory Authority.<\/p>\n That puts PUSD in a field that includes some of the largest stablecoin issuers in the world, competing for a share of institutional transaction flow in one of the region\u2019s most active financial hubs.<\/p>\n Featured image from Unsplash, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":" A dollar-linked stablecoin built to meet Islamic finance standards is now operating on a new blockchain network anchored in the Middle East, adding a second digital currency to a settlement platform backed by some of Abu Dhabi\u2019s biggest financial names. Backed By Gulf Currencies, Not Just The Dollar PUSD, issued by Palm Azgar Finance, holds […]<\/p>\n","protected":false},"author":0,"featured_media":155198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-155197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/155197"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=155197"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/155197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/155198"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=155197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=155197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=155197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}A $3 Trillion Market In The Crosshairs<\/h2>\n