RAKBANK has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue an AED-backed payment token, i.e., stablecoin.
The approval is subject to the completion of necessary regulatory and operational requirements, ensuring the bank fulfills all criteria before proceeding with the launch.
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 further strengthens RAKBANK’s expanding capabilities in the digital asset space.
In 2025, the bank took a significant step by allowing its retail customers to trade cryptocurrencies through a regulated brokerage partner.
As per the reports, this move provided customers with a secure, compliant, and regulated pathway to access digital assets, marking a key milestone in the bank’s commitment to offering innovative and trusted financial solutions in the evolving digital economy.
Raheel Ahmed CEO – RAKBANK
“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. 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.”
The stablecoin is expected to feature:
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.
When launched, the stablecoin is designed to combine the confidence of traditional banking with the efficiency of blockchain technology, as per the statement.
