Ledger has added native support for the $ADI token tied to the ADI Foundation’s ADI Chain, a Layer 2 connected to the United Arab Emirates focused on stablecoins and tokenized real-world assets.

ADI Chain is backed by Abu Dhabi-based Sirius International Holding, a subsidiary of International Holding Company, and also supports the DDSC stablecoin ecosystem launched by First Abu Dhabi Bank. According to the company, the network is intended for institutional applications, including cross-border payments, treasury operations and trade settlements.

The integration allows users to store and manage $ADI via Ledger Wallet and corporate hardware signing devices. The ADI Foundation describes the ADI Chain as the infrastructure for regulated stablecoins and tokenized assets, with $ADI being used as the network’s native gas token.

The announcement follows the recent DDSC transfer of 110 million dirhams ($30 million) disclosed by the International Holding Company, which the company described as one of the largest publicly disclosed stablecoin transactions executed in the United Arab Emirates.

Related: The United Arab Emirates central bank says the financial system is stable in the face of missile and drone attacks

Euro-backed stablecoins are expanding despite narrow market share

While dollar-based stablecoins dominate the market, euro-denominated tokens account for more than 80% of the non-dollar stablecoin sector, according to a March Dune Analytics report commissioned by Visa. The report estimated that the broader non-dollar stablecoin market has a supply of around $1.2 billion, compared to a total stablecoin market of over $300 billion.

Dune said non-dollar stablecoins currently process around $10 billion in monthly transfers, with euro-backed tokens increasingly being used for payments, remittances, payroll and treasury operations. The report also pointed to growing adoption following the bloc’s adoption of the Markets in Crypto Assets (MiCA) Regulation, which introduced a formal framework for crypto asset service providers across the European Union.

However, an April report by the advocacy group Blockchain for Europe said MiCA’s strict reserve and interest rules made euro stablecoins safer but less commercially competitive than U.S. dollar-backed alternatives. The report cited DeFiLlama data showing that euro stablecoins represent less than 1% of global stablecoin volume despite the euro’s broader role in international markets.

This month, the European Commission began a review of MiCA’s rules on stablecoins, reserve requirements and interest-bearing token products, as officials reassess how the framework works in practice.

Meanwhile, European institutions are accelerating efforts to develop local currency stablecoin infrastructure. On May 20, the Qivalis euro stablecoin consortium announced that it had expanded to 37 member institutions after adding 25 banks in 15 countries ahead of a planned launch later this year. The group said the initiative aims to create a regulated, euro-denominated alternative to US dollar-backed stablecoins.

Stablecoin market capitalization. Source: DefiLlama

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