RAKBank receives the Central Bank of the UAE's preliminary approval to issue Dirham-pegged stablecoins

GateNews

2026-01-07 10:14:56

ChainCatcher reported that according to market sources, RAKBank has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue an AED-pegged payment token and is preparing to join the UAE stablecoin ecosystem.

The bank stated in a Wednesday press release that the upcoming stablecoin will be fully backed 1:1 by dirhams held in independent segregated accounts and will be managed by audited smart contracts with real-time proof of reserves. The launch of this stablecoin marks a new phase in RAKBank’s digital asset strategy, following the bank’s 2025 actions to enable retail customers to conduct cryptocurrency trading through regulated brokerage partners.

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