In early October, blockchain company Distributed Technologies Research unveiled the DRAM stablecoin, whose value is backed by the Emirati Dirham, an initiative stemming from its successful collaboration with DRAM Trust.
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An alliance between Distributed Technologies Research and DRAM Trust to create a stablecoin in the UAE
Distributed Technologies Research Ltd (DTR), a Swiss-based blockchain company, has extended its influence to the United Arab Emirates through an alliance with DRAM Trustbased in Hong Kong.
This strategic collaboration led to the birth of the DRAM stablecoin, a stablecoin backed by the Dirham, which made its debut on Tuesday, October 3, 2023. This initiative is the fruit of the work of, Akshay Naheta, former student of Massachusetts Institute of Technology (MIT) and frame at SoftBank.
This digital currency was developed by Dram Trust with the aim of facilitating cross-border transfers using the symbolic fiduciary equivalent of the national currency of the United Arab Emirates (UAE). As a reminder, the DRAM is an ERC-20 token, making it easily interchangeable with an Emirati dirham.
The DRAM stablecoin has already found its place on decentralized protocols such as such as Uniswap, Sushiswap and PancakeSwap. In addition, DTR plans to launch a decentralized wallet solution in early 2024.with the aim of improving the accessibility and functionality of this stablecoin for a wider audience.
Ongoing efforts to bring DRAM Stablecoin to market
Due to existing regulatory rules, DRAM is ironically not yet available in Hong Kong or the United Arab Emirates. However, Naheta said that discussions are underway to set up token reserves for listing on centralized exchanges outside these two jurisdictions. These talks are in full compliance with current regulations, which require that fiduciary Dirham reserves be deposited before DRAM tokens can be issued.
Although DRAM stablecoin is not yet available in the United Arab Emirates, Distributed Technologies Research predicts continued demand from companies in the region. This forecast stems from the growing need to find stable digital solutions to problems associated with high inflation and currency fluctuations in neighboring nations such as Turkey, Egypt and Pakistan.
This decision to link the DRAM to the Dirham reflects confidence in the United Arab Emirates, which is increasingly positioned as a hub for for companies in the crypto and Web3 sectors.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.