Fasset is preparing to list DDSC, the UAE's dirham-backed stablecoin, as soon as it clears approval from Dubai's Virtual Assets Regulatory Authority (VARA). Once listed, users on the platform will be able to swap DDSC for dollar-pegged stablecoins such as USDC and USDT, giving UAE residents a more direct route between dirham-denominated digital money and the world's most widely used stablecoins.
What DDSC is and who backs it
DDSC is issued through a collaboration between International Holding Company (IHC), First Abu Dhabi Bank (FAB) and Sirius International Holding. It is pegged one to one to the UAE dirham and settles on ADI Chain, an institutional layer-2 blockchain built by ADI Foundation. ADI Chain has already drawn collaborations with Mastercard, BlackRock, Franklin Templeton and Chainlink, placing DDSC's underlying infrastructure alongside some of the largest names in traditional finance and crypto.
The token received approval from the Central Bank of the UAE (CBUAE) to go live in February 2026. More recently, in July 2026, DDSC secured a No Objection Certificate from the CBUAE, which allows it to be distributed through selected VARA-regulated platforms — a step that paved the way for the planned Fasset listing.
Why the Fasset listing matters
For everyday users, the appeal of a Fasset listing is practical: it would make DDSC easier to convert into dollar-pegged stablecoins like USDC and USDT, reducing friction for anyone moving between dirham and dollar-denominated crypto holdings. The partnership between Fasset and the DDSC issuers is also aimed at something broader than trading access. The two sides say they want to support joint card issuance, merchant payment acceptance and fiat on- and off-ramp infrastructure for DDSC across the UAE, effectively building out the plumbing needed for a stablecoin to function like everyday money rather than just a trading instrument.
Mohammad Raafi Hossain, Co-Founder and Chief Executive of Fasset, described the goal in direct terms: "Our shared ambition is to make DDSC something people can spend, accept and convert as easily as cash, through cards, merchants and seamless on- and off-ramps across the UAE."
He also framed the approach as deliberately cautious given the regulatory environment stablecoins operate in. "Working with a compliance-first platform reflects exactly how we intend to grow DDSC stablecoin: responsibly, transparently, and always within a clear regulatory framework," Hossain said.
Activity on the network so far
Since its launch, more than AED150 million (about US$40.8 million) has been transacted across the DDSC network, an early indicator of usage as the token works through the approvals needed to reach a wider set of platforms. The Fasset listing, once VARA gives its approval, would extend that reach to a regulated exchange audience and open a direct swap path to USDC and USDT for UAE users.
The sequence of regulatory milestones — CBUAE approval to launch, followed by the CBUAE's No Objection Certificate for distribution through VARA-regulated platforms, and now the pending VARA review of the Fasset listing itself — reflects the layered oversight stablecoins face in the UAE, where both the central bank and Dubai's virtual assets regulator have a role in determining where and how a dirham-pegged token can circulate.
