PUSD, a Shariah-compliant stablecoin backed by Gulf currencies, is set to deploy on ADI Chain, a Layer 2 network focused on institutional settlement in the Middle East.

According to an announcement shared with Cointelegraph, the stablecoin has about $2.3 billion in circulation and is backed 1:1 by reserves held in Saudi riyals and UAE dirhams, which are pegged to the US dollar.