ChainCatcher News: According to market sources, RAKBank has received in-principle approval from the Central Bank of the United Arab Emirates (CBUAE) to issue a UAE Dirham-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 on a 1:1 basis by dirhams held in segregated custodial accounts 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 2025 initiative to enable retail customers to engage in cryptocurrency trading through regulated brokerage partners.
