Dirham-Inspired DRAM Stablecoin Listed on Uniswap, PancakeSwap
Swiss-based blockchain firm Distributed Technologies Resources (DTR) has announced the launch of a Dirham-backed stablecoin, DRAM. The token launched today, October 3, 2023.
According to founder Akshay Naheta, who served as a SoftBank executive once in his career, the tokenized fiat equivalent of the United Arab Emirates (UAE) national currency will enable users in other regions to transfer value across borders seamlessly.
The DRAM stablecoin has been listed on popular decentralized exchange protocols – Uniswap and PancakeSwap using the Binance Coin (BNB) pair.
Giving details behind the initiative, Naheta stated that the product had been in stealth mode for the past 10 months and is only making its debut now after significant milestones were attained.
The fiat-backed stablecoin was developed by Hong Kong-based Dram Trust. However, the DRAM stablecoin will not be accessible to UAE and Hong Kong users.
Nonetheless, there are ongoing discussions with other regions to provide direct liquidity to centralized crypto operations in their ecosystems.
Like several stablecoins before, DRAM relies on the ERC-20 token standard, making it fungible – it can be exchanged one-for-one for a Dirham.
Meanwhile, the UAE government has been working hard towards launching a central bank digital currency (CBDC).
According to a recent announcement, the UAE government and the Reserve Bank of India (RBI) have partnered to create a CBDC bridge to facilitate seamless value exchange and remittances between the two nations.
The agreement was solidified following a memorandum of understanding (MoU) signed on March 15, 2023, between banking officials of both countries.
Tech developers are aware of the limited possibility for a product to enjoy mainstream
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