UAE Central Bank approves USDU, first USD-backed stablecoin, on January 29

On January 29, the UAE's Central Bank approved USDU under the Payment Token Services Regulation, marking the first USD-backed stablecoin authorized within its framework. Managed by Universal Digital, USDU targets professional clients for cross-border settlements, with reserves held at Emirates NBD and Mashreq Bank, and Aquanow designated as the global distributor outside the UAE.