RAKBank has received in-principle approval from the Central Bank of the UAE to issue a dirham-pegged stablecoin

According to market news, RAKBank is preparing to join the UAE stablecoin ecosystem after receiving in-principle approval from the Central Bank of the UAE (CBUAE) to issue UAE Dirham-pegged payment tokens.

The bank stated in a press release on Wednesday that the upcoming stablecoin will be fully backed 1:1 by Dirhams held in a separate regulated account and 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 actions in 2025 to allow retail customers to trade cryptocurrencies through regulated brokerage partners.