RAKBANK announced the approval of the AED-backed payment token from the Central Bank of the UAE (CBUAE), a stablecoin subject to the completion of the regulatory and operational requirements.
The announcement underscores RAKBANK’s commitment to its digital assets strategy, highlighting the bank’s commitment to developing regulated, secure and transparent financial solutions that align with the UAE’s evolving digital economy framework.
Raheel Ahmed, Group CEO of RAKBANK, said, “Receiving in-principle approval from the Central Bank of the UAE is an important milestone in our digital assets journey. It reflects our focus on innovation that is responsible, regulated, and built on trust.”
In 2025, RAKBANK enabled its retail customers to securely and compliantly trade cryptocurrencies, accessing digital assets. However, the following announcement adds on to RAKBANK’s growing capabilities in digital asset services. When launched, the stablecoin is expected to reflect a combination of the confidence of traditional banking with the efficiency of blockchain technology.
The notable features of the following stablecoin are the 1:1 backing held in a segregated, regulated manner and in support of a full redemption at par value. With the help of a real-time reserve attestation and secure smart contracts, transparency and operational integrity are guaranteed.
“As we mark our 50th anniversary, we remain committed to developing solutions that are designed around our customers’ needs and aligned with the UAE’s vision for a future-ready financial system. It is another step in delivering banking that is digital with a human touch,” Raheel added.
The next updates on the pilot phase and potential expansion depend on securing regulatory approvals.
