UAE central bank approves first USD-backed stable coin:
The Central Bank of the United Arab Emirates has approved the first USD-backed stable coin (USDU) under its Payment Token Services Regulation, marking a major step in regulating digital assets.A USD-backed stablecoin is a cryptocurrency pegged 1:1 to the US dollar, designed to maintain price stability while operating on blockchain networks.The newly approved USDU stablecoin is issued by Universal Digital, a crypto firm regulated by the Abu Dhabi Global Market (ADGM), making it the first foreign payment token issuer registered with the UAE central bank.
