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Lara Abdul Malak

RAK BANK secures in-principle CBUAE approval to issue AED-backed stablecoin

On January 7 2026, RAK BANK said it had obtained in-principle approval from the Central Bank of the UAE to develop an AED-backed stablecoin, pending completion of regulatory and operational conditions. The bank plans a 1:1 AED-pegged token with audited smart contracts and real-time reserve attestations, while other UAE institutions such as FAB Bank, Crypto.com and Al Maryah Community Bank are also advancing their own AED stablecoin initiatives.
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