Universal Digital Intl Limited on Thursday launched USDU, the UAE’s first central bank-approved stablecoin that puts it in direct competition with Circle’s (NYSE:CRCL) USDC (CRYPTO: USDC).

How USDU Works

This make Universal Digital the first company registered by the Central Bank of the UAE to issue a Foreign Payment Token, The Block reported. 

USDU is backed by dollars held in reserve at major UAE banks, such as Emirates NBD, Mbank, and Mashreq.

USDC issuer Circle has a license from Abu Dhabi Global Market in December to operate as a money services provider and plans to expand payment services to drive USDC adoption across the UAE and Middle East.

Circle’s license differs from…

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