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BTCC / BTCC Square / Global Cryptocurrency /
RAKBANK Secures UAE Central Bank Approval for AED-Backed Stablecoin

RAKBANK Secures UAE Central Bank Approval for AED-Backed Stablecoin

Author:
Global Cryptocurrency
Published:
2026-01-07 13:30:02
8
1
BTCCSquare news:

RAKBANK has obtained in-principle approval from the Central Bank of the UAE to issue a regulated dirham-pegged stablecoin, marking a significant step in the country's digital asset evolution. The bank joins a growing cohort of UAE financial institutions developing compliant private stablecoins while the national CBDC project remains paused.

The fully reserved stablecoin will maintain 1:1 backing with AED held in segregated, audited accounts. Smart contracts will enable real-time reserve attestations, addressing transparency concerns that have plagued unregulated stablecoins. RAKBANK plans to deploy the token for retail payments, cross-border settlements, and asset tokenization through existing digital platforms.

This approval falls under the UAE's Payment Token Services Regulation, reflecting the central bank's measured approach to private sector innovation. The move signals institutional confidence in blockchain-based payment solutions despite recent crypto market volatility.

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