This development builds on RAKBANK’s growing capabilities in digital asset services
RAKBANK announced recently that it has received ‘In-Principle’ approval from the Central Bank of the UAE (CBUAE) to issue an AED-backed payment token i.e., stablecoin, subject to the completion of regulatory and operational requirements, according to a press communication.
This marks an important step in RAKBANK’s digital assets journey and reflects the Bank’s commitment to developing regulated, secure and transparent financial solutions aligned with the UAE’s evolving digital economy framework.
This development builds on RAKBANK’s growing capabilities in digital asset services. In 2025, the Bank enabled its retail customers to trade crypto through a regulated brokerage partner, providing a compliant and secure pathway for customers to access digital assets.
Blockchain technology
When launched, the stablecoin is designed to combine the confidence of traditional banking with the efficiency of blockchain technology.
The stablecoin is expected to feature the following:
- 1:1 backing AED, to be held in segregated, regulated to support full redemption at par value.
- Audited smart contracts with real-time reserve attestations, supporting transparency and operational integrity.
“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,” stated Raheel Ahmed, Group CEO, RAKBANK.
