The National Bank of Ras Al Khaimah (RAKBANK) has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue an AED-backed stablecoin.

The issuance is subject to the completion of regulatory and operational requirements, according to a press release.

Such a move is a milestone in RAKBANK’s digital assets journey, supporting the lender’s commitment to developing regulated, secure, and transparent financial solutions.

In 2025, the ADX-listed bank enabled its retail customers to trade crypto through a regulated brokerage partner, offering a compliant and secure pathway for customers to access digital assets.

Meanwhile, the stablecoin is expected to feature 1:1 backing of AED to support full redemption at par value as well as audited smart contracts with real-time reserve attestations.

Raheel Ahmed, Group CEO of RAKBANK, said: “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.”

At the end of September 2025, RAKBANK logged 23% higher net profits after tax at AED 2.08 billion, compared with AED 1.68 billion.

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