UAE’s RAKBank Secures In-Principle Approval to Issue Dirham-Backed Stablecoin
RAKBank has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue a dirham-pegged stablecoin. This approval, subject to meeting certain requirements, allows the bank to proceed with preparatory steps before public issuance. The stablecoin will be fully collateralized on a one-to-one basis with UAE dirhams held in regulated accounts and will operate on audited smart contracts with real-time proof of reserves. This initiative is part of RAKBank's broader digital assets strategy, which began with retail crypto trading in 2025. The UAE's multi-regulatory framework, involving entities like CBUAE and ADGM, oversees stablecoins and virtual assets. The development aims to modernize domestic payments, improve cross-border settlements, and support the UAE's digital economy goals, amid growing interest from both local and international issuers.
TheNewsCrypto01/07 12:59
