IHC Completes $30 Million Transaction Using UAE Dirham-Backed Stablecoin

International Holding Company (IHC), based in Abu Dhabi, has announced the completion of a $30 million transaction using a UAE Dirham-backed stablecoin. According to ChainCatcher, this marks the first major institutional application of the stablecoin since receiving regulatory approval. The transaction utilized the DDSC stablecoin and was executed on the ADI Chain, an institutional-grade Layer-2 blockchain developed by the ADI Foundation. The official statement highlighted that this multi-million dollar transaction demonstrates the readiness of the digital currency ecosystem to handle institutional-level transaction volumes. DDSC was created through a collaboration between IHC, First Abu Dhabi Bank, and Sirius International Holding, with technical support from the ADI Foundation. The UAE Central Bank's approval of DDSC earlier this year is part of a broader regulatory initiative, following the authorization of several Dirham-pegged tokens. IHC's CEO stated that the transaction underscores the vibrancy and resilience of the UAE's digital infrastructure, which is prepared to support genuine institutional financial activities.