Palm Azgar launches dirham- and riyal-backed stablecoin PUSD, bridges Islamic finance and digital assets

Palm Azgar Finance Company, a licensed financial services provider based in Riyadh, has announced the launch of PUSD, a stablecoin issued through its British Virgin Islands affiliate and fully backed by UAE dirhams (AED) and Saudi riyals (SAR) reserves. The digital asset maintains a 1:1 peg with the U.S. dollar, with reserves held in regulated, Shariah-compliant Gulf institutions.

The company said PUSD is designed to provide a secure, transparent, and accessible bridge between Islamic finance and the global digital economy. Monthly third-party audits will verify that fiat currency reserves fully back each token.

The stablecoin is expected to debut on major cryptocurrency exchanges later this year, enabling faster cross-border payments, decentralized finance (DeFi) participation, and institutional use. According to Palm Azgar, the structure of PUSD ensures users maintain full control over their assets, with no freezing or blacklisting capabilities built into the system.

Founded in Riyadh, Palm Azgar Finance develops Shariah-compliant digital asset solutions aimed at expanding financial inclusion. Its newly launched product, Palm USD (PUSD), reflects growing regional interest in blockchain-based financial tools that combine transparency, Islamic finance compatibility, and real-world asset backing.