RAKBank receives preliminary UAE Central Bank approval for stablecoin issuance
RAKBank has obtained preliminary approval from the Central Bank of the United Arab Emirates to issue a stablecoin fully backed by the dirham, marking a significant step towards advancing digital currency adoption in the region.
Source Cointelegraph
This initiative reflects the UAE’s commitment to expanding the use of blockchain technology and digital assets at an official level, enhancing trust in electronic currencies backed by the national currency.
In the near future, the stablecoin launch may improve the efficiency of financial transactions and drive growth in the digital economy within the region.
