PANews reported on January 7th that, according to Cointelegraph, RAKBank is preparing to join the UAE stablecoin ecosystem after receiving in-principle approval from the Central Bank of the UAE (CBUAE) to issue a UAE dirham-pegged payment token. In a press release on Wednesday, the bank stated that the upcoming stablecoin will be fully backed 1:1 by dirhams held in an independent regulated account, managed by audited smart contracts, and equipped with real-time proof of reserves. This stablecoin launch marks a new phase in RAKBank's digital asset strategy, following its move in 2025 to allow retail clients to trade cryptocurrencies through regulated brokerage partners.