RAKBANK, Network roll out stablecoin moves

DIGITAL DIRHAMS

- BY JUSTIN VARGHESE, Your Money Editor

Momentum is building around regulated stablecoins in the UAE after RAKBANK secured in-principle approval from the Central Bank of the UAE to issue an dirham-backed stablecoin, while payments company Network International moved to enable stablecoin payments across merchant platforms through AE Coin.

RAKBANK said the approval allows it to move forward with plans to launch a dirham-backed payment token, subject to meeting remaining regulatory and operational requirements. The initiative marks a further step in the bank’s expansion into digital asset services.