DDSC now utilized as AED stablecoin with Network International merchants
Middle East and African based Network International (Network), has piloted the first usage of a regulated AED backed stablecoin, DDSC, owned by Sirius International Holding, within stores in the UAE. Customers who hold DDSC wallets will be able to utilize the AED stablecoin at selected merchant locations using Network’s existing point of sale devices.
As per the announcement, the pilot marks an important step in bringing regulated stablecoin payments into everyday retail, reinforcing Network’s role as a pioneer in introducing market-driven digital payment solutions.
The DDSC payment pilot took place at Marks & Spencer branch at Al Futtaim’s Dubai Festival City and Lulu Hypermarket at Khalidiyah Mall Abu Dhabi.
The aim of the project is to offer merchants a broader range of payment methods as customer expectations evolve. Merchants can now accept AED backed stablecoins using Network’s POS devices.
Network International will then scale the application across its entire UAE merchant network. Paying with DDSC stablecoin mirrors the QR-based payment methods already familiar to the market. At checkout, the POS device displays a QR code for the customer to scan using a DDSC supported wallet. Once the payment is confirmed, the merchant receives a notification through Network’s existing acceptance infrastructure, with settlement available either in DDSC, paid directly into the merchant’s DDSC supported wallet, or in UAE dirhams.
Murat Cagri Suzer, Group CEO of Network International, commented that the partnership brings DDSC payments to clients, and that the company serves clients across 56 countries. He noted, ” Through DDSC, we look forward to reducing the cost and complexity of money movement for our merchants, while providing them with more ways to accept and settle payments. This is another important step towards building the next generation of payment infrastructure in the UAE and the broader MEA region.”
Ajay Hans Raj Bhatia, CEO, Sirius International Holding added, “Our collaboration with Network International is a defining step in bringing digital assets into everyday life. By enabling DDSC, a dirham-backed stablecoin, to work seamlessly through established payment infrastructure, we are turning the promise of digital currencies into a practical reality for businesses and consumers. This is about more than payments, it is about building the next generation of trusted, regulated and accessible financial infrastructure for the UAE and beyond.”
Already other AED stablecoins are being utilized in the UAE, such as AE Coin, while Crypto.com through its licensed payment provider is also offering merchants and governmental entities in the UAE the ability for clients to pay in stablecoins.
The UAE was recently ranked as number 2 in Henley Crypto adoption index.
