RAKBANK has received conditional approval from the Central Bank of the UAE to issue a Dirham-pegged stablecoin, marking a significant step in the region's digital finance landscape. This approval, following a comprehensive regulatory review, requires RAKBANK to meet specific operational criteria before launching the stablecoin. The initiative aligns with the UAE's progressive digital asset strategy and involves using smart contracts for real-time proof of reserves. The UAE Dirham stablecoin is set to leverage blockchain technology to enhance transparency and efficiency in financial transactions. This development positions the UAE as a leader in regulated digital asset innovation, potentially influencing other nations' approaches to digital currencies. The stablecoin aims to improve cross-border payment efficiency and financial inclusion, with a phased rollout initially targeting institutional clients before expanding to retail customers.