Cointelegraph••1 min read
RAKBank Gains Approval for Dirham-Backed Stablecoin in UAE
The Arch TakeNeutral
RAKBank has received in-principle approval from the Central Bank of the UAE to launch a dirham-backed stablecoin. This development adds a homegrown bank to the growing competition in the UAE's stablecoin market. The move signifies increasing interest and activity in the digital asset space within the United Arab Emirates, as institutions explore opportunities in stablecoins and blockchain technology. The approval indicates a step forward for RAKBank in its digital asset strategy.
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