{"id":41936,"date":"2026-04-24T01:00:50","date_gmt":"2026-04-24T01:00:50","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=41936"},"modified":"2026-04-24T01:00:50","modified_gmt":"2026-04-24T01:00:50","slug":"shariah-compliant-stablecoin-pusd-moves-into-mideast-institutional-arena","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=41936","title":{"rendered":"Shariah-Compliant Stablecoin PUSD Moves Into MidEast Institutional Arena"},"content":{"rendered":"<p>A dollar-linked stablecoin built to meet Islamic finance standards is now operating on a new blockchain network anchored in the Middle East, adding a second digital currency to a settlement platform backed by some of Abu Dhabi\u2019s biggest financial names.<\/p>\n<h2>Backed By Gulf Currencies, Not Just The Dollar<\/h2>\n<p><a href=\"https:\/\/www.palmusd.com\/transparency\" target=\"_blank\" rel=\"noopener nofollow\">PUSD<\/a>, issued by Palm Azgar Finance, holds reserves in Saudi riyals and UAE dirhams \u2014 both pegged to the US dollar \u2014 rather than holding US dollars directly.<\/p>\n<p>That <a href=\"https:\/\/www.mexc.com\/news\/1047507\" target=\"_blank\" rel=\"noopener nofollow\">structure<\/a> is central to its Shariah-compliant design, which is aimed at institutions operating under Islamic finance rules that prohibit interest and require asset backing.<\/p>\n<p>The stablecoin has roughly $2.3 billion in circulation and runs on several major blockchains, including Ethereum, BNB Chain, Solana, and Tron. ADI Chain is its newest addition.<\/p>\n<p><a href=\"https:\/\/www.adi.foundation\/foundation\" target=\"_blank\" rel=\"noopener nofollow\">ADI Chain<\/a> was built as a settlement layer for a dirham-backed token that came out of a partnership between International Holding Company and First Abu Dhabi Bank. The Central Bank of the UAE licensed it.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"aligncenter size-full wp-image-892951\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/04\/a_210e54.png?resize=879%2C500\" alt=\"\" width=\"879\" height=\"500\" loading=\"lazy\" \/><\/p>\n<p>With PUSD now on board, institutions using the network can settle transactions in either a dollar-linked or dirham-denominated token operating on the same platform.<\/p>\n<p>The ADI Foundation says the network is designed to support payment corridors across the Gulf, broader Middle East, and parts of Africa.<\/p>\n<h2>A $3 Trillion Market In The Crosshairs<\/h2>\n<p>Islamic finance assets are estimated at more than $3 trillion worldwide, according to the ADI Foundation. That market has traditionally been served by conventional banks and funds operating under <a href=\"https:\/\/www.cfr.org\/backgrounders\/understanding-sharia-intersection-islam-and-law\" target=\"_blank\" rel=\"noopener nofollow\">Shariah<\/a> guidelines, but blockchain-based alternatives have struggled to break through at scale.<\/p>\n<p>Sharia Law At A Glance<\/p>\n<p><a href=\"https:\/\/tile.loc.gov\/storage-services\/service\/ll\/llglrd\/2019669457\/2019669457.pdf\" target=\"_blank\" rel=\"noopener nofollow\">Shariah law<\/a> forbids interest, limits speculation, and requires financial instruments to be backed by real assets \u2014 rules that disqualify most crypto products outright. For a stablecoin to meet that standard, it must hold verifiable reserves and generate no interest-based returns.<\/p>\n<p><img decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/iH8I7aO8\/\" width=\"1634\" height=\"951\" loading=\"lazy\" \/><\/p>\n<p>Certification from a board of qualified Islamic scholars is typically required, though the report does not confirm whether PUSD has obtained one.<\/p>\n<p>PUSD\u2019s move onto ADI Chain is a bid to change that, targeting corporate treasuries, exchanges, and payment processors looking for compliant digital settlement tools.<\/p>\n<p>The UAE has become one of the more active <a href=\"https:\/\/www.spglobal.com\/ratings\/en\/regulatory\/article\/credit-faq-what-does-the-uaes-stablecoin-regulation-mean-for-local-banks-s101664358\" target=\"_blank\" rel=\"noopener nofollow\">regulatory environments<\/a> for stablecoins. Several frameworks have been put in place by the Central Bank and the Abu Dhabi Global Market, covering both dirham-pegged and dollar-denominated tokens.<\/p>\n<p>Global Players Already In The UAE Space<\/p>\n<p>Approvals have also been extended to established names. <a href=\"https:\/\/tether.io\/news\/tethers-usdt-recognised-as-accepted-fiat-referenced-token-in-abu-dhabis-adgm-for-use-on-several-major-blockchains\/\" rel=\"nofollow\">Tether<\/a>, <a href=\"https:\/\/ripple.com\/ripple-press\/rlusd-recognized-as-accepted-fiat-referenced-token-for-use-within-abu-dhabis-adgm\/\" target=\"_blank\" rel=\"noopener nofollow\">Ripple USD<\/a>, and Circle have all been cleared to operate within the ADGM financial zone by its Financial Services Regulatory Authority.<\/p>\n<p>That puts PUSD in a field that includes some of the largest stablecoin issuers in the world, competing for a share of institutional transaction flow in one of the region\u2019s most active financial hubs.<\/p>\n<p><em>Featured image from Unsplash, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>A dollar-linked stablecoin built to meet Islamic finance standards is now operating on a new blockchain network anchored in the Middle East, adding a second digital currency to a settlement platform backed by some of Abu Dhabi\u2019s biggest financial names. Backed By Gulf Currencies, Not Just The Dollar PUSD, issued by Palm Azgar Finance, holds [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":41937,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-41936","post","type-post","status-publish","format-standard","has-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shariah-Compliant Stablecoin PUSD Moves Into MidEast Institutional Arena - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=41936\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shariah-Compliant Stablecoin PUSD Moves Into MidEast Institutional Arena - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"A dollar-linked stablecoin built to meet Islamic finance standards is now operating on a new blockchain network anchored in the Middle East, adding a second digital currency to a settlement platform backed by some of Abu Dhabi\u2019s biggest financial names. 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