RAKBank Wins In-Principle Approval for AED-Backed Stablecoin
RAKBank received in-principle approval from the CBUAE to issue a stablecoin fully backed 1:1 by UAE dirhams.Summary
RAKBank has secured in-principle approval from the Central Bank of the United Arab Emirates (CBUAE) to launch a payment token backed 1:1 by UAE dirhams held in regulated accounts, governed by audited smart contracts with real-time attestations. This move advances RAKBank's digital assets strategy within the UAE's growing multi-pillar digital asset framework, which aims to modernize domestic payments and improve cross-border flows. The stablecoin race in the UAE now includes RAKBank alongside other entities like e& and international firms like Circle and Ripple, which have secured approvals in Abu Dhabi. Key open questions remain regarding the underlying blockchain infrastructure, interoperability, and achieving widespread market adoption among corporates and consumers for daily transactions.
(Source：Cointelegraph)