2026-01-08 10:23:09

RAKBank has received in-principle approval from the Central Bank of UAE to launch a dirham-backed stablecoin, marking a significant milestone in the Middle East's digital currency development. This move puts RAKBank alongside other major players including e& (Etisalat), Circle's USDC, and Ripple's USD in the regional stablecoin landscape.

The token will maintain a 1:1 reserve backing with regular audits and real-time reserve transparency—key features for institutional confidence. Meanwhile, Ras Al Khaimah's blockchain hub has stepped up its ecosystem support, announcing a $2M fund specifically designed for blockchain developers and Web3 builders in the region.

This dual push—regulatory approval combined with developer funding—signals strong commitment to establishing a robust digital economy infrastructure in the UAE.

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Degen4Breakfast

· 01-11 07:41

NGL Middle East stablecoins are a bit something this time, with 1:1 reserve backing and real-time transparency. Finally, someone is really playing it seriously.

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BridgeJumper

· 01-10 14:38

The Middle East is finally getting serious; this time, it's not something that air coins can compare to.

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RunWithRugs

· 01-10 14:31

The UAE's recent moves haven't stopped at all. The dirham stablecoin is here, and it feels like the Middle East is quietly rising.

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DegenTherapist

· 01-08 19:17

The game in the Middle East is becoming more and more interesting. The launch of the dirham stablecoin feels like it's just one step away.

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RooftopReserver

· 01-08 10:41

Middle Eastern stablecoins are about to take off, RAKBank's move is quite good... By the way, what projects can be developed with that $2M development fund?

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FlyingLeek

· 01-08 10:39

Another stablecoin in the Middle East, RAKBank has received approval... By the way, can this $2M developer fund produce anything?

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CodeAuditQueen

· 01-08 10:37

1:1 reserve sounds good, but what about the audit report? How is real-time transparency achieved—on-chain or off-chain... that's the key point.

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StakeTillRetire

· 01-08 10:36

The Middle East stablecoin competition has begun. RAKBank's move is quite clever, but that $2M fund is a bit small. What can they do...

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GasFeeNightmare

· 01-08 10:32

Another stablecoin and a $2M fund, sounds pretty lively... but how many of these can actually be implemented? Late at night while browsing gas tracker, I was thinking about how much cross-chain demand these projects will generate, and then the bridging fees will just slap my wallet in the face.

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MetaverseVagabond

· 01-08 10:29

Another stablecoin has emerged in the Middle East, but with reserve backing, it's somewhat more reliable.

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