Shariah-Compliant Stablecoin PUSD Moves Into MidEast Institutional Arena
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’s biggest financial names.
Certification from a board of qualified Islamic scholars is typically required, though the report does not confirm whether PUSD has obtained one.
PUSD’s move onto ADI Chain is a bid to change that, targeting corporate treasuries, exchanges, and payment processors looking for compliant digital settlement tools.
The UAE has become one of the more active regulatory environments 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.
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Global Players Already In The UAE Space
Approvals have also been extended to established names. Tether, Ripple USD, and Circle have all been cleared to operate within the ADGM financial zone by its Financial Services Regulatory Authority.
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’s most active financial hubs.
Featured image from Unsplash, chart from TradingView
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