Dubai Advances Digital Finance With Approval of AED-Backed DDSC Stablecoin
The update says banks in Dubai are moving from blockchain (shared digital ledger) trials to real-world deployment following approval of the dirham-backed stablecoin.
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Terms & Concepts
Stablecoin: A cryptocurrency designed to maintain a stable value by being linked to a reference asset such as a fiat currency.
Blockchain: A shared digital ledger that records transactions across a network in a tamper-resistant way.
AED-backed: Supported by the United Arab Emirates dirham as the reference currency intended to anchor the token’s value.