Liv, the digital bank of UAE-based banking group Emirates NBD, is introducing USDU into its ecosystem. USDU is a US dollar-backed stablecoin issued by Universal Digital Intl Ltd (Universal), and Aquanow ME FZE (Aquanow) provides the underlying digital asset infrastructure.
Each of the three parties has a distinct role: Universal issues USDU, which the CBUAE has registered under its Payment Token Services Regulation (PTSR), Aquanow, a VARA-licensed broker-dealer, handles distribution infrastructure and liquidity, and Liv gives customers access to the stablecoin through its existing banking app.
The integration follows Liv’s launch of crypto trading through Liv X in 2025. Aquanow also serves as the infrastructure partner for that service. With USDU, Liv’s digital asset offering expands from crypto trading to a regulated, USD-denominated digital asset, and customers can manage their traditional banking activity and digital asset holdings in a single app.
Furthermore, Aquanow supplies the liquidity and digital asset rails for both USDU distribution and Liv X trading, so both services run on one infrastructure stack.
Reserve structure and regulatory framework
USDU is backed 1:1 by physical US dollar reserves held with UAE banks. The reserves are verified through monthly attestations that are publicly available. Universal’s registration under the PTSR places the token within the CBUAE’s framework for payment token services.
Rohit Garg, Group Head of Retail Products and Chief Digital Officer of Retail Banking and Wealth Management, Emirates NBD, said the integration offers customers a regulated and transparent route to digital assets within their everyday banking app, building on the bank’s 2025 crypto trading launch. Phil Sham, CEO, Aquanow, said running stablecoin distribution and trading on a single stack brings together a CBUAE-registered stablecoin, a VARA-licensed broker-dealer, and a digital bank within regulated rails. In addition, Juha Viitala, Senior Executive Officer, Universal, said USDU was designed to bring transparent, USD-backed settlement into UAE regulatory frameworks, and noted that Liv customers can now trade it inside the app they already use for banking.
Implications for UAE digital banking
The partnership shows traditional and digital finance converging in the UAE. A bank-owned digital platform now distributes a centrally registered stablecoin alongside conventional banking services. The structure combines a CBUAE-registered issuer, a VARA-licensed infrastructure provider, and a bank distribution channel, so that, according to the companies, issuance, distribution, and customer access all take place within regulated rails.
