The Shariah-compliant stablecoin backed by Gulf currencies expands to a new Layer 2 network aimed at institutional settlement in the Middle East.
PUSD, a Shariah-compliant stablecoin backed by Gulf currencies, is set to deploy on ADI Chain, a Layer 2 network focused on institutional settlement in the Middle East.
According to an announcement shared with Cointelegraph, the stablecoin has about $2.3 billion in circulation and is backed 1:1 by reserves held in Saudi riyals and UAE dirhams, which are pegged to the US dollar.
It is already available on multiple blockchains, including Ethereum, BNB Chain, Solana and Tron, with ADI Chain marking its latest integration. The stablecoin is positioned to provide access to Islamic finance markets, which represent more than $3 trillion in assets globally, according to the announcement from the ADI Foundation.
