MultiBank Exchange
PILLAR 04 · MB.IO

Settlement assets

What can be delivered today, and the dollar asset proposed next.

Gold US dollar cube settlement artwork

SETTLEMENT ASSETS

What can be delivered, and how an asset qualifies

Listed digital assets

More than 100 assets are listed on MB.io under its VARA licence. Each is admitted individually. Where both legs of a pair are listed, the pair can be created and settled. Where a settlement asset is not value-stable, the reference price, the tolerance and the treatment of any difference are agreed before the trade.

USDU

A US dollar token proposed as a further settlement asset, so that an obligation can be discharged at a known dollar value rather than in a floating asset. Not yet available. Subject to regulatory confirmation and internal approval.

ABOUT USDU

The proposed dollar settlement asset

USDU is a US dollar denominated token issued by Universal Digital Intl Limited. According to the issuer, it is backed by US dollar reserves, issued under a financial services permission granted by the ADGM Financial Services Regulatory Authority, and registered with the Central Bank of the UAE as a foreign payment token. It is redeemable with the issuer for US dollars.

MultiBank Exchange is not the issuer and does not represent the issuer. Members are directed to Universal for its regulatory permissions, reserve reporting and redemption terms.

USDU redemption line illustration

THE QUESTION MEMBERS ASK FIRST

If the dirham is pegged to the dollar, why use a token?

The peg fixes the rate

A pegged currency tells you what it is worth in dollars. That is a price. It does nothing to move value from one institution, or one country, to another.

The token moves the value

USDU is the proposed means of passing dollar value between approved counterparties. The local currencies stay where they are, in their own banking systems.

LIMITS

What USDU does not do

It does not change a rate

A currency pegged to the dollar remains pegged on the same terms.

It does not replace local currency

Members that need dirhams, tenge or any other currency obtain them through their own banks.

It does not remove banks

US dollars move whenever USDU is issued or redeemed.

USDU is not a deposit, not an investment product, and not a claim on MultiBank Exchange or MultiBank Group.

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Talk to the institutional desk

Institutional enquiries only. Tell us the nature of your enquiry and we route it to the desk that owns it. Registering interest does not create any obligation on either side.