UAE's RAKBANK gets conditional approval for Dirham stablecoin

RAKBANK, a state-owned bank in the United Arab Emirates, has received conditional approval from the Central Bank of the UAE to issue a Dirham-pegged stablecoin, Cointelegraph reported. The approval is contingent on the bank meeting specific regulatory and operational requirements. RAKBANK plans to operate the stablecoin via smart contracts that can provide real-time proof of reserves.