SAUDI ARABIA: Palm Azgar Finance Company, a financial services provider licensed and headquartered in Riyadh, announced the launch of PUSD, a stablecoin fully backed by Saudi riyal and UAE dirham reserves, maintaining a 1:1 peg to the US dollar.
PUSD’s reserves are held exclusively in SAR and AED across regulated, Shariah compliant institutions in the Gulf region. Monthly third-party audits ensure complete transparency and verify that every token is fully backed by actual fiat reserves, the company said.
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