Palm USD

A dollar token backed by no dollars is the quirk at the heart of Palm USD. Launched by Palm Azgar Finance, a Riyadh-based firm issuing through a British Virgin Islands affiliate, PUSD targets a value of one US dollar but holds its reserves entirely in UAE dirham and Saudi riyal, both effectively pegged to the dollar, at regulated Gulf custodians. The issuer positions it as Shariah-compliant and publishes monthly attestations on the reserve. Minting and redemption at par run through authorized institutional partners with full KYC rather than direct retail withdrawal, so everyday holders buy and sell on the market while approved on and off-ramps handle par conversion. It spans BNB Chain, Ethereum, Solana and Tron, and the issuer describes its own regulatory status as still under review, with no named stablecoin license disclosed. The pitch is a bridge between Islamic finance and onchain dollars.