RAKBank has received in-principle approval from the UAE Central Bank to issue a dirham-backed stablecoin, bringing a local bank into the country’s intensifying stablecoin competition. The move underscores growing regulator support for regulated fiat-pegged tokens in the UAE.
Zand has launched a UAE Central Bank-regulated, AED-backed stablecoin that operates across multiple public blockchains. The AI-powered digital bank is the second UAE-regulated bank to issue a dirham stablecoin.