Bitcoin.com is to integrate USDU, described as the first US dollar-backed stablecoin registered with the Central Bank of the UAE (CBUAE), into its self-custodial Bitcoin.com Wallet.
The partnership with Universal Digital Intl. Limited (“Universal”) will make USDU available to millions of Bitcoin.com Wallet users, although access to the stablecoin and associated features will depend on each user’s jurisdiction.
USDU is issued by Universal under the supervision of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM), where it is regulated as a Fiat-Referenced Token.
It is also the first, and currently only, registered Foreign Payment Token under the CBUAE’s Payment Token Services Regulation.
Universal says each USDU is backed on a one-to-one basis by liquid US dollar reserves held with regulated banks in the UAE. The reserves are independently attested every month by a third-party accounting firm, with the reports published on Universal’s website so users can review the figures themselves.
The partnership is intended to provide Bitcoin.com Wallet users with greater visibility over the assets supporting the stablecoin, at a time when the quality and transparency of stablecoin reserves can vary significantly.
Bitcoin.com said swap and buy-and-sell functions for USDU will be introduced as support from third-party providers becomes available. The company added that availability of USDU and related wallet features will vary by jurisdiction.
Corbin Fraser, Bitcoin.com CEO, said: “People shouldn’t need to be forensic accountants to know what backs the stablecoin they hold. USDU’s registration with the UAE central bank and monthly attested 1:1 reserves mean users can verify the backing instead of trusting a logo. That’s the standard we want our wallet users to expect.”
Juha Viitala, Senior Executive Officer at Universal, said: “Good standards only matter if people can actually use them. Bringing USDU to the Bitcoin.com Wallet combines self-custody with what users should expect from a stablecoin: clear regulatory status, 1:1 backing by liquid USD reserves held with regulated UAE banks whose identities are publicly disclosed, and monthly independent attestations they can check for themselves,”
USDU’s smart contract has undergone an independent audit by CertiK, while its distribution is being provided by Aquanow, a virtual asset service provider licensed by the Virtual Assets Regulatory Authority (VARA).
Bitcoin.com is a global cryptocurrency platform that includes the news.bitcoin.com publication, the self-custodial Bitcoin.com Wallet, and other products and services used by millions of individuals and merchants worldwide.
Universal Digital Intl Limited is established in ADGM and regulated by the FSRA to carry out the regulated activity of issuing a Fiat-Referenced Token to Professional Clients only. It is also a Registered Foreign Payment Token Issuer with the CBUAE under the Payment Token Services Regulation and is the issuer of USDU.
Universal describes USDU as a fully US dollar-backed stablecoin and a Registered Foreign Payment Token with the CBUAE. In the UAE, it may be used as a means of payment for the purchase of Digital Assets and Digital Assets Derivatives.
However, USDU may not be used for general payment purposes in mainland UAE, including domestic UAE payments. It is issued for eligible market participants and Professional Clients as defined under the FSRA Conduct of Business Rules, and is not intended for general domestic Dirham-denominated payment use in mainland UAE.
Universal says it is focused on developing secure, transparent and fully regulated digital assets, and on supporting the UAE’s expanding digital asset ecosystem through institutional-grade solutions.
The announcement is for information purposes only and is intended for Professional Clients. It does not constitute investment, legal or tax advice, nor an offer or solicitation to buy any digital asset, securities or other product.
Availability of USDU and related wallet features will vary according to jurisdiction. Universal can be contacted through press@universal.ae, with further information available at www.universal.ae.
Bitcoin.com accepts no responsibility or liability, whether directly or indirectly, for any loss, damage, claim, cost or expense, whether actual, alleged or consequential, arising from or connected with the use of, or reliance on, any content, goods or services referenced in the announcement. Any reliance on the information is strictly at the reader’s own risk.
