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Liv, the digital bank of Emirates NBD, is adding USDU, a US dollar stablecoin registered with the Central Bank of the UAE, to its app, the bank and its partners Universal Digital Intl and Aquanow ME announced on 9 November. Liv customers will be able to hold and trade USDU alongside their bank accounts and the crypto trading Liv launched in 2025.
The announcement does not give a go-live date, and it doesn’t say which customers can use USDU. Universal, which issues the token, holds a permission from the Financial Services Regulatory Authority (FSRA) that limits issuance to professional clients only, according to its launch release in January. Liv says it has close to half a million users.
Which regulator covers USDU
The Central Bank of the UAE registered Universal as a Foreign Payment Token Issuer, and USDU as a Foreign Payment Token, under its Payment Token Services Regulation, according to Universal. Universal is based in Abu Dhabi Global Market and holds an FSRA permission to issue a fiat-referenced token. Aquanow, which supplies the liquidity and trading infrastructure for USDU and for Liv’s crypto trading, is regulated by Dubai’s VARA.
Registration comes with a restriction. USDU may not be used for general payment purposes in the UAE. It can be used for domestic payment for digital assets and digital asset derivatives, according to Universal, and the partners’ announcement says USDU is not positioned as a general-purpose domestic payment instrument.
How USDU is backed
Each token is backed one to one by US dollars held in onshore UAE bank accounts, according to the companies. Universal says the reserves sit at Emirates NBD and Mashreq and that a global accounting firm attests to them every month. Universal launched USDU on 29 January.
Emirates NBD describes USDU as the first CBUAE-registered, dollar-backed stablecoin integrated into a UAE digital bank. That is the bank’s own description.
Rohit Garg, Emirates NBD‘s group head of retail products and chief digital officer for retail banking and wealth management, said “The integration gives customers a secure, transparent and regulated bridge to digital assets within their everyday banking app.”
“USDU was built to bring transparent, USD-backed settlement into UAE regulatory frameworks,” said Juha Viitala, senior executive officer at Universal.
Liv is running a three-month campaign with zero-fee crypto trading for 90 days. The announcement does not say which trades it covers or what fees apply afterwards. It also carries the standard warning that virtual assets can lose value and are not covered by financial protections.
FAQs
What is USDU?
A stablecoin issued by Universal Digital Intl, backed one to one by US dollars held with UAE banks.
Which regulator registered USDU?
The Central Bank of the UAE, under its Payment Token Services Regulation. Universal is regulated in Abu Dhabi Global Market by the FSRA, and Aquanow by VARA in Dubai.
Can USDU be used to pay for everyday purchases in the UAE?
No. Universal says it can’t be used for general payments in the UAE, only for domestic payment for digital assets and digital asset derivatives.
Is USDU available to every Liv customer?
The announcement does not say. Universal’s FSRA permission covers issuing to professional clients only.
Editor’s Take: The gap in the announcement is who gets USDU. Liv is a retail app with close to half a million users, and the issuer’s own permission is limited to professional clients. The release doesn’t explain how those two fit together, and Emirates NBD has not said when trading starts, who is eligible or what the fees are after the 90-day offer. Those are the questions to put to the bank.