PUSD, a Sharia-compliant stablecoin backed by Gulf region currencies, has launched on ADI Chain, a Layer 2 network aimed at institutional settlement in the Middle East. The stablecoin, with a circulating supply of approximately $2.3 billion, is backed 1:1 by reserves in Saudi Riyal and UAE Dirham, both pegged to the US dollar. PUSD is now available on multiple blockchains, including Ethereum and Solana, with ADI Chain as its latest integration. The ADI Foundation announced that PUSD aims to tap into the Islamic financial market, which holds over $3 trillion in global assets. ADI Chain, initiated by International Holding Company and First Abu Dhabi Bank, is licensed by the Central Bank of the UAE and supports transactions using USD-pegged and AED-denominated tokens. This launch marks a significant step in the UAE's efforts to modernize payments and enhance cross-border settlement efficiency, aligning with its evolving digital asset regulatory framework.
PUSD Stablecoin Launches on ADI Chain, Targets $3 Trillion Islamic Finance Market
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