RAKBank Receives Initial Approval to Launch Dirham-Backed Stablecoin in UAE

UAE stablecoin push accelerates as Network, RAKBANK join in

Discover how the UAE's stablecoin ecosystem is advancing with RAKBANK's approval to issue an AED-backed stablecoin and Network International's move to enable stablecoin payments. Learn about the integration of AE Coin into merchant platforms and the future of digital payments in the UAE.

RAKBank receives initial approval to launch dirham-backed stablecoin in UAE

Each token will be pegged to value of currency

RAKBank gets UAE Central Bank approval for dirham-backed stablecoin

RAKBank on Wednesday, January 7, said it has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue an AED-backed stablecoin.

RAKBANK gets CBUAE in-principle approval for dirham-backed Stablecoin

RAKBANK, one of the UAE's oldest lenders with assets exceeding Dhs88bn ($24bn), has been building its digital asset capabilities The post RAKBANK gets CBUAE in-principle approval for dirham-backed Stablecoin appeared first on Gulf Business.

RAKBank Wins Race: Dirham Stablecoin Gets Nod

RAKBank has obtained an authorization from the Central Bank of the UAE (CBUAE) to issue a stablecoin pegged against the dirham. RAKBank will enter the stablecoin market of the UAE on Wednesday, having won in-principle approval. The UAE central bank has given the green light to the proposal for a dirham-backed payment token by the...

RAKBANK Receives UAE Central Bank Approval to Launch AED-Backed Stablecoin

TLDR: RAKBANK receives conditional approval from UAE Central Bank to issue AED-backed payment stablecoin  Stablecoin will feature 1:1 AED backing with reserves held in segregated regulated bank accounts  Bank enabled retail crypto trading in 2025 through regulated partner before stablecoin approval  Real-time reserve attestations and audited smart contracts will ensure transparency and integrity    RAKBANK has received in-principle approval fro…