Ras Al Khaimah, United Arab Emirates – RAKBANK announced today that it has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue an AED-backed payment token i.e., stablecoin, subject to the completion of regulatory and operational requirements.
This marks an important step in RAKBANK's digital assets journey and reflects the Bank's commitment to developing regulated, secure and transparent financial solutions aligned with the UAE's evolving digital economy framework.
This development builds on RAKBANK's growing capabilities in digital asset services. In 2025, the Bank enabled its retail customers to trade crypto through a regulated brokerage partner, providing a compliant and secure pathway for customers to access digital assets.
When launched, the stablecoin is designed to combine the confidence of traditional banking with the efficiency of blockchain technology.
The stablecoin is expected to feature:
- 1:1 backing AED, to be held in segregated, regulated to support full redemption at par value.
- Audited smart contracts with real-time reserve attestations, supporting transparency and operational integrity.
Raheel Ahmed, Group CEO of RAKBANK, said:
“Receiving in-principle approval from the Central Bank of the UAE is an important milestone in our digital assets journey. It reflects our focus on innovation that is responsible, regulated and built on trust. 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.”
Further updates on the pilot phase and potential expansion will be shared in due course, subject to regulatory approvals.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE.
We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).
RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments.
With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000.
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