DUBAI, United Arab Emirates, Nov 12 — MultiBank Group, one of the world’s largest financial derivatives institutions, has signed a memorandum of understanding (MoU) with Universal Digital Intl Limited (“Universal”) to develop settlement capabilities using USDU, Universal’s US dollar-backed stablecoin, for eligible institutional digital asset transactions.
The initiative will begin with a pilot for eligible Professional Clients on mb.io, the Group’s cryptocurrency and digital asset trading platform. It combines MultiBank Group’s trading infrastructure, institutional relationships and liquidity connectivity with Universal’s regulated stablecoin issuance, with the aim of integrating USDU into institutional settlement workflows.
The collaboration also includes to use USDU for settlement on MultiBank Exchange, complementing its existing settlement offering in fiat currencies and commodities. This would provide eligible institutional clients with an additional settlement option, subject to applicable legal, regulatory and risk approvals.
USDU is the first US dollar-backed stablecoin registered by the Central Bank of the UAE as a Foreign Payment Token. Universal, its issuer, is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market. Each USDU is backed 1:1 by US dollar reserves held with UAE banks regulated by the Central Bank, with monthly independent reserve attestations. MultiBank’s selection of USDU reflects the alignment between an FSRA-regulated issuer, a CBUAE-registered stablecoin and a UAE-licensed trading venue, bringing the foundations for institutional digital asset settlement together within the UAE’s regulatory perimeter.
Mohammed Al Hakim, Vice Chairman of MultiBank Exchange Holding and Group and CEO of mb.io, said: “This agreement is an important step towards connecting traditional and digital finance. By bringing together MultiBank Group’s infrastructure and institutional network with Universal’s USDU, we aim to give eligible clients an additional settlement option within the UAE’s regulatory framework. The planned pilot on mb.io will allow us to assess how this capability can support institutional trading activity.”
Juha Viitala, Senior Executive Officer of Universal Digital Intl Limited, said: “Institutions need confidence in the asset they use to settle a trade. USDU combines regulated issuance, Central Bank registration and USD reserves held with regulated UAE banks. Our partnership with MultiBank brings those foundations together with established trading infrastructure and institutional reach. Together, we are developing a practical way for eligible institutions to use USDU in digital asset settlement.”
The pilot will be subject to applicable client onboarding, compliance and launch approvals.
