PUSD Joins ADI Chain, Expanding Islamic Finance Reach

Palm Azgar Finance’s stablecoin PUSD, which mirrors Gulf currencies tied to the US dollar, is now live on ADI Chain—a Layer‑2 network that focuses on institutional settlement across the Middle East. The coin has already circulated roughly $2. 3 billion and is fully backed 1:1 by reserves in Saudi riyals and UAE dirhams. Before this move, PUSD could be found on Ethereum, BNB Chain, Solana and Tron; ADI Chain marks its newest home. The integration gives the network a second stablecoin, letting banks and other institutions choose between a dollar‑linked token or a dirham‑denominated one for the same settlement layer. ADI Chain itself was created by International Holding Company and First Abu Dhabi Bank under a license from the UAE Central Bank. Transactions on the chain use its native token to pay fees and are expected to connect Gulf, Middle Eastern and African corridors.PUSD is aimed at corporate treasuries, exchanges and payment processors who need a Shariah‑compliant asset. The UAE has built a multi‑layered regulatory framework for digital assets, with the Central Bank and Abu Dhabi Global Market setting rules for stablecoins. Recent pilots include a dirham‑pegged token tested by telecom giant e& and Al Maryah Community Bank, and RAKBank’s pending approval to issue a similar coin. In January, Universal Digital launched USDU, the first dollar‑backed stablecoin approved for payments under the country’s new regulation. The Financial Services Regulatory Authority has also cleared major crypto firms such as Tether, Ripple USD and Circle to operate in the ADGM zone. These steps show a growing acceptance of digital currencies that blend local regulations with global financial standards.