USDU Targets Institutional Settlement With MultiBank Pilot

Universal’s USDU stablecoin is adding a potential institutional settlement channel to its expanding network, under an agreement with MultiBank Group to develop settlement capabilities for eligible digital-asset transactions.

The memorandum of understanding envisages an initial pilot for eligible Professional Clients on mb.io, MultiBank’s digital-asset trading platform. The companies aim to connect Universal’s regulated stablecoin issuance with MultiBank’s trading infrastructure, institutional relationships and liquidity connectivity.

The agreement comes shortly after Mohammed Al Hakim joined MultiBank as Vice Chairman of the Group and CEO of mb.io, with a mandate that includes institutional trading and settlement solutions.

For USDU, it builds on the recent announcement of a banking-app integration through Emirates NBD’s Liv. The proposed MultiBank pilot addresses another requirement for adoption: incorporating the stablecoin into the workflows through which institutions settle trades.

From banking access to institutional settlement

As Unlock previously reported, the Liv partnership brings together Universal, Aquanow and Emirates NBD’s digital bank to introduce USDU into Liv’s banking ecosystem.

That arrangement extends Emirates NBD’s relationship with USDU from safeguarding part of its dollar reserves to providing a customer-access channel. Liv’s offering does not support external-wallet transfers, making the distinction between access and settlement particularly relevant.

The proposed MultiBank pilot would give eligible institutional clients an additional option for settling digital-asset transactions. Its significance lies in placing USDU within a trading workflow, where institutions could use the token to meet settlement obligations.

The collaboration also envisages using USDU for settlement on MultiBank Exchange, complementing its existing settlement offering. That component remains subject to applicable legal, regulatory and risk approvals.

An early step under Al Hakim’s leadership

Al Hakim’s move from Crypto.com gives the agreement a further strategic dimension.

His appointment, announced earlier in November, included responsibility for expanding MultiBank’s institutional relationships and developing its capabilities in digital-asset trading, real-world asset tokenization and cross-border settlement. The proposed USDU pilot provides an early indication of how that mandate could translate into new services.

The collaboration brings together an executive arriving from a global digital-asset platform, a group rooted in traditional financial markets and a UAE-regulated stablecoin issuer.

For Universal, it offers a potential route into MultiBank’s institutional trading relationships. For MultiBank, it creates a project through which to assess the role of a regulated digital dollar in its settlement infrastructure.

Mohammed Al Hakim, Vice Chairman of MultiBank 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.”

Connecting regulated issuance with a licensed venue

The proposed pilot brings together distinct parts of the UAE’s digital-asset regulatory framework.

Universal Digital Intl Limited is authorized by the Financial Services Regulatory Authority of Abu Dhabi Global Market to issue a Fiat-Referenced Token. Its permission restricts it from dealing with Retail Clients.

And, USDU is the first dollar-backed stablecoin registered by the Central Bank of the UAE as a Foreign Payment Token. Each token is backed one-for-one by dollar reserves held with regulated UAE banks, supported by monthly independent reserve attestations.

On the trading side, VARA’s public register lists MBIO FZE, operating as MB.IO, as holding an active license for Exchange Services and Broker-Dealer Services. These existing permissions are separate from the approvals required to launch the proposed pilot.

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.”

USDU’s positioning remains focused on eligible digital-asset settlement. Universal states that it is not a general-purpose domestic payment instrument in the UAE.

Turning an expanding network into recurring use

Universal’s recent announcements address different requirements for institutional adoption. Its expansion to Solana broadens the blockchain infrastructure through which USDU can move, while the planned Liv integration adds a banking-app access channel. The MultiBank agreement proposes a further application within institutional trading.

These initiatives are at different stages of implementation. Their combined significance is the growing connection between USDU’s issuance and reserve structure and the platforms through which customers can access, hold and potentially use the token.

The MultiBank announcement does not disclose a pilot launch date, expected settlement volumes, the blockchain to be used or the detailed transaction workflow. Launch remains subject to client onboarding, compliance and applicable approvals.

Those details will determine the pilot’s practical significance. Institutions need sufficient liquidity, counterparty acceptance and reliable conversion between bank balances and digital assets for a settlement option to become part of routine operations.

For USDU, the agreement creates another opportunity to establish that role. The next measure of progress will be how consistently its expanding network generates actual settlement activity.