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

2026-01-07 10:13:59

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PANews January 7 News, according to Cointelegraph, on Wednesday, RAKBank received preliminary approval from the Central Bank of the United Arab Emirates (CBUAE) to issue a payment token pegged to the UAE Dirham 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 an independent regulatory account, managed by audited smart contracts, and equipped with real-time reserve proof. The launch of this stablecoin marks a new phase in RAKBank’s digital asset strategy, which previously took action in 2025 to allow retail customers to trade cryptocurrencies through regulated brokerage partners.

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