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Liv by Emirates NBD has partnered with Universal Digital Intl Ltd and Aquanow ME FZE on a USD-backed stablecoin integration that will bring USDU into its banking ecosystem. The partners describe USDU as the UAE’s first dollar-backed stablecoin registered with the Central Bank of the UAE, giving Liv customers access to the token alongside their traditional banking services.
Summary
Key takeaways
- Universal issues USDU under the CBUAE’s Payment Token Services Regulation.
- Aquanow powers both USDU distribution and Liv X crypto trading.
- USDU has dollar reserves held at UAE banks, with monthly public attestations.
- Liv’s crypto trading promotion offers zero fees for ninety days.
Liv’s USD-backed stablecoin integration brings USDU into its app
The partnership combines Universal’s stablecoin issuance, Aquanow’s regulated infrastructure and Liv’s banking platform. Liv said the integration allows customers to manage banking activities and digital asset portfolios in one secure environment.
Universal supplies USDU, while Aquanow provides the liquidity and digital asset infrastructure supporting its distribution and crypto trading through Liv X. Aquanow’s infrastructure has processed more than USD 130 billion in trading volume.
Juha Viitala, Senior Executive Officer at Universal, described USDU as the first USD-backed token Liv customers can trade within their banking app, using Aquanow’s regulated infrastructure.
Phil Sham, Aquanow’s CEO, said: “Aquanow’s role is to make regulated digital asset access work at bank-grade standards.” He described the arrangement as connecting a registered stablecoin, a licensed broker-dealer and a digital bank through a shared infrastructure stack.
According to Rohit Garg, who serves as Emirates NBD’s Group Head of Retail Products and Chief Digital Officer of Retail Banking and Wealth Management, this integration broadens Liv’s digital asset functionality and brings regulated digital assets directly into customers’ day-to-day banking app.
USDU’s registration, reserves and regulatory oversight
USDU is issued by Universal and registered with the Central Bank of the UAE under its Payment Token Services Regulation. Universal said the token is backed one-for-one by physical US dollar reserves held at UAE banks, with publicly available monthly attestations verifying the backing.
Universal Digital Intl Limited operates under the oversight of the Financial Services Regulatory Authority, holding Financial Services Permission No. 250089. It is also registered with the CBUAE as a Foreign Payment Token Issuer.
Aquanow ME FZE operates in Dubai under license number L-2795 and holds Dubai’s Virtual Assets Regulatory Authority license VL/24/01/001. Among the activities it is licensed to carry out are Broker-Dealer Services, Lending and Borrowing Services, and Management and Investment Services.
Liv offers ninety days of zero-fee crypto trading
Liv is offering a three-month zero-fee crypto trading campaign to encourage customers to use the enhanced platform. The promotion covers ninety days and targets both new and experienced users.
The USD-backed stablecoin integration extends Liv’s digital asset offering to include USDU within its banking ecosystem. Emirates NBD says Liv serves close to half a million users.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
