UAE ADI Foundation says Shariah compliant PUSD will be on chain soon
In an X post, UAE ADI Foundation, the developers of ADI Chain, announced that the PUSD shariah compliant stablecoin which is operated by PALMUSD from Palm Azgar Finance, will soon be deployed on their infrastructure.
Noting that their infrastructure is built for stablecoins, the PUSD which is backed by the Saudi Riyal fiat currency and UAE Dirham reserves, of which already $2.3 billion are in circulation will offer GCC ( Gulf Cooperation Countries) institutions with direct access to a Shariah compliant stablecoin fully backed by UAE Dirham (AED) and Saudi Riyal (SAR) reserves, maintaining a stable 1:1 peg to the U.S. Dollar.
Transactions on the network require its native token for fees and are expected to support settlement across corridors linking the Gulf, the Middle East and parts of Africa.
As noted, ” Sovereign settlement, built for MENA.”
Palm Azgar Finance Company is a licensed financial institution in Riyadh, Saudi Arabia, dedicated to developing Shariah-compliant digital asset solutions. Through its British Virgin Islands affiliate, Palm USD issues PUSD—a global free currency designed for transparent, secure, and permanently accessible digital transactions.
It is already available on multiple blockchains, including Ethereum, BNB Chain, Solana and Tron, with ADI Chain marking its latest integration. The stablecoin is positioned to provide access to Islamic finance markets, which represent more than $3 trillion in assets globally.
ADI Chain is also the settlement layer for First Abu Dhabi’s Bank AED stablecoin, the DDSC which received UAE Central Bank approval in February of this year.
RAK Bank in UAE also received in principle approval for its AED stablecoin from UAE Central Bank, while Universal Digital Intl Limited (“Universal”), USDU regulated by the Financial Services Regulatory Authority (“FSRA”) of Abu Dhabi Global Market (“ADGM”) in UAE, has issued both a fiat reference token that can cater to professional clients, as well as a foreign payment token issuer with the Central Bank of the UAE.
