INSTITUTIONAL | Shariah-Compliant Stablecoin Backed by Gulf Currencies Deploys on ADI Chain for Institutional Settlement

A Shariah-compliant stablecoin, PUSD, is set to launch on the ADI Chain, a Layer 2 blockchain focused on institutional settlement in the Middle East, as it seeks to tap into the global Islamic finance market valued at more than $3 trillion.

PUSD, which has roughly $2.3 billion in circulation, is backed 1:1 by reserves held in Saudi Riyals and United Arab Emirates Dirhams, both of which are pegged to the U.S. dollar, according to a recent announcement.

The stablecoin is already available on several major blockchains, including Ethereum, BNB Chain, Solana and TRON, with the ADI Chain integration marking its latest expansion.

ADI Chain serves as a settlement layer for a Dirham-backed stablecoin initiative linked to Abu Dhabi-based institutions, including International Holding Company and First Abu Dhabi Bank, and operates under licensing from the UAE central bank.

The addition of PUSD introduces a second stablecoin to the network, enabling institutions to settle transactions using either a dollar-linked or dirham-denominated digital asset on the same infrastructure.

The move comes as the United Arab Emirates continues to develop regulatory frameworks for stablecoins and digital assets, aiming to modernize cross-border payments and strengthen its position as a regional financial hub.

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