RAKBANK Secures In-Principle Approval for AED-Backed Stablecoin



A major step forward for the UAE digital asset ecosystem: RAKBANK has received in-principle approval from the UAE Central Bank to launch an AED-backed stablecoin. The token maintains a strict 1:1 peg through AED reserves held in segregated accounts, eliminating counterparty risk concerns.

Key safeguards include audited smart contracts and real-time attestation mechanisms ensuring full redemption capability at any time. This approach aligns with the region's push for regulated digital assets while maintaining the stability crucial for payments and commerce.

The development builds on RAKBANK's broader crypto trading initiatives, signaling institutional confidence in blockchain infrastructure. As the stablecoin landscape matures globally, UAE-denominated options add another layer to the decentralized finance toolkit, particularly for users and businesses across the Middle East seeking reliable on-chain settlement.
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ILCollectorvip
· 01-07 20:50
The Middle East is starting to get competitive again. 1:1 reserve sounds comfortable, but the real test is in execution.
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ColdWalletGuardianvip
· 01-07 20:46
The UAE Central Bank has approved it, now the Middle East stablecoin ecosystem has some potential.
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OnchainSnipervip
· 01-07 20:41
The UAE has finally launched its own stablecoin, and this move is quite impressive. However, it still depends on whether it can truly be implemented in the future; approval on paper is easy. The Middle East market indeed has great potential, but I'm worried it might just be another "under construction" project.
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RetroHodler91vip
· 01-07 20:34
UAE finally also launching stablecoins? If it can truly be redeemed 1:1, that would be awesome, but whether the Middle East side is reliable or not still depends on subsequent actions.
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