Fasset Becomes First Global Platform to List UAE’s Dirham-Backed Stablecoin DDSC

Fasset has become the first platform to list DDSC, the UAE’s dirham-backed stablecoin, marking a significant shift toward non-dollar digital assets in the Gulf. For fintech professionals, this represents the first retail and merchant integration of a central-bank-approved, dirham-denominated token within a regulated neobanking ecosystem, potentially diversifying the stablecoin market.

What was announced

Fasset, an AI-powered stablecoin neobanking platform, is the first VARA-regulated entity to list the DDSC stablecoin. This dirham-backed asset is the result of a collaboration between IHC, First Abu Dhabi Bank (FAB), and Sirius International Holding. The token is settled on ADI Chain, an institutional blockchain that has already attracted collaborations with global giants including Mastercard, BlackRock, Franklin Templeton, and Chainlink.

The listing follows a $68 million Series C funding round for Fasset, led by SBI Holdings, which valued the platform as a payments unicorn. Fasset currently manages over three million wallets across 125 countries and processes an annual transaction volume of USD 40 billion. The DDSC stablecoin received approval from the Central Bank of the UAE (CBUAE) to go live in February 2026. By July 2026, it secured a No Objection Certificate from the CBUAE for distribution through platforms regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). Since its launch, the network has processed over AED 150 million, equivalent to approximately USD 40.8 million.

Beyond the listing, Fasset and DDSC are exploring the possibility of a joint card programme, leveraging DDSC's Stored Value Facility enablement to facilitate card issuance in the UAE. They also plan to build fiat on- and off-ramp infrastructure for instant dirham-to-DDSC conversion and introduce swap functionality that makes DDSC exchangeable with other major stablecoins such as USDC and USDT.

"Becoming the first platform to list the DDSC stablecoin is a milestone we don't take lightly: it means our users can will be able to hold and move a dirham-backed stablecoin that carries the confidence of the UAE's most established financial institutions, on a platform built for compliance from the ground up."

Mohammad Raafi Hossain, Co-Founder and CEO of Fasset.

The companies involved

Fasset is a global regulated stablecoin-powered broker-dealer and neobanking platform. Its recent growth was accelerated by a $68 million Series C investment led by SBI Holdings, a major Japanese financial services group formerly known as SoftBank Investment. Fasset focuses on a "regulation-first" strategy, operating across multiple jurisdictions in the Middle East and beyond. DDSC is the issuer of the UAE’s first dirham-backed stablecoin, developed through a high-profile consortium. This includes IHC (International Holding Company), a massive Abu Dhabi-based conglomerate, and First Abu Dhabi Bank (FAB), the UAE’s largest lender. FAB has a significant footprint in the region’s digital transformation, often partnering with global payment networks. The third partner, Sirius International Holding, contributes to the institutional backing of the ADI Chain, the underlying infrastructure for DDSC. This chain is designed specifically for stablecoins and real-world assets, positioning itself as a bridge between traditional finance and digital native systems in the Gulf region.

What FF News has reported before

FF News has tracked the rapid evolution of the UAE’s digital asset landscape, particularly the involvement of First Abu Dhabi Bank in modernizing payments. In September 2026, we reported on FAB and Mastercard Launch UAE’s First Invitation-Only World Legend Exclusive Card, highlighting the bank's focus on high-tier payment solutions. Furthermore, the infrastructure for dirham-denominated digital payments has been building momentum across the merchant sector. We recently covered how Network International Launches UAE’s First In-Store AED Stablecoin Payment Pilot, which utilized the same DDSC asset to test real-world retail applications. These developments underscore a coordinated effort by UAE financial institutions to integrate stablecoins into the physical retail environment.

What this means

This listing signals a maturing of the stablecoin market, moving away from a total reliance on US dollar-pegged assets. As the dollar-backed market experiences pullbacks, the introduction of a sovereign-backed, non-dollar alternative like DDSC provides a blueprint for currency diversity in digital finance. The involvement of the UAE’s largest bank and a central-bank-approved framework puts pressure on unregulated offshore stablecoins to prove their transparency and reserve backing. The industry must now watch whether this local success can be replicated in other non-dollar jurisdictions, or if the UAE’s unique regulatory environment remains the primary driver for such institutional-grade digital currency adoption.