
A Dirham Stablecoin Is Cleared for Dubai's Regulated Platforms
Trade-press reporting says the UAE central bank cleared DDSC, a dirham-backed payment token, to list on VARA-regulated exchanges in Dubai.
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Trade-press reporting says the UAE central bank cleared DDSC, a dirham-backed payment token, to list on VARA-regulated exchanges in Dubai.

More than 140 companies, including Stripe, Coinbase, Visa and BlackRock, backed Open USD, a consortium stablecoin with fee-free minting that returns reserve income to partners. Circle shares fell more than 17% to a four-month low.

Stablecoin supply fell $7.7 billion in June to about $312 billion, the first monthly contraction in five months, while adjusted transfer volume set a record $1.79 trillion. Supply down and usage up is the month's central puzzle.

The Bank of England capped any systemic sterling stablecoin at £40 billion in issue, dropping its proposed per-holder limits. Feedback closes 22 September.

The Department of Financial Services' draft aligns New York's 2022 stablecoin framework with the federal GENIUS Act, adding custodian caps and a mandatory risk programme. Comments close on 22 June.