MultiBank Group and Universal Digital Intl Limited have signed a memorandum of understanding to develop settlement capabilities using USDU, a US dollar-backed stablecoin, for eligible institutional digital asset transactions. The agreement was announced on November 13, 2026, in Dubai and will initially launch as a pilot program for Professional Clients on mb.io, MultiBank Group’s cryptocurrency and digital asset trading platform.
- Stablecoin: USDU, the first US dollar-backed Foreign Payment Token registered by the Central Bank of the UAE
- Reserve backing: 1:1 backing by US dollar reserves held with UAE banks regulated by the Central Bank, with monthly independent attestations
- Regulatory oversight: Universal is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market
- Planned expansion: USDU settlement will complement existing fiat currency and commodity settlement options on MultiBank Exchange
The collaboration merges MultiBank Group’s trading infrastructure, institutional relationships, and liquidity connectivity with Universal’s regulated stablecoin issuance. The initiative aims to integrate USDU into institutional settlement workflows, with additional settlement options subject to applicable legal, regulatory, and risk approvals. The pilot program will require standard client onboarding, compliance, and launch approvals before proceeding.
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.
– Mohammed Al Hakim, Vice Chairman of MultiBank Exchange Holding and Group and CEO of mb.io
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.
– Juha Viitala, Senior Executive Officer of Universal Digital Intl Limited
MultiBank Group is one of the world’s largest financial derivatives institutions, while Universal Digital Intl Limited is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market and issues USDU as a Central Bank of the UAE-registered Foreign Payment Token.
Mohammed Al Hakim, Vice Chairman of MultiBank Exchange Holding and Group and CEO of mb.io. Source: LinkedIn
Juha Viitala, Senior Executive Officer of Universal Digital Intl Limited. Source: LinkedIn
