UAE dirham stablecoin DRAM launches on Uniswap, PancakeSwap
A former MIT alumnus and SoftBank executive has launched a Dirham-backed stablecoin that aims to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ native currency.
Cointelegraph reached out to Akshay Naheta, founder and CEO of Distributed Technologies Research (DTR) following the announcement of DRAM stablecoin that was listed on Decentralized Finance protocols Uniswap and PancakeSwap on Oct. 3.
The Abu Dhabi based- company has been developing the technology for a Dirham-backed stablecoin since Oct. 2022. Naheta has essentially rebooted DTR in the jurisdiction, which he had helped co-found in Switzerland in 2019.
DRAM is an Ethereum ERC-20 token that is issued by DRAM Trust. The organization is a Hong Kong law governed trust while an independent trustee responsible for approving token mints and burns is reportedly licensed and regulated under the Hong Kong Monetary Authority.
As it stands, DTR cannot offer DRAM in Hong Kong or within the United Arab Emirates but Naheta indicates that conversations are ongoing to provide token liquidity for listing on centralized exchanges outside of those two jurisdictions.
Regulatory parameters require that Dirham fiat reserves must be deposited before any DRAM tokens can be minted, with reserves reportedly held by regulated financial institutions.
The DRAM website also provides links to the stablecoin’s smart contract addresses for Ethereum, BNB and Arbitrum. The ETH token contract reflects a max total supply of 2 million DRAM at the time of publication, while the ARB contract reflects 499,999 DRAM and the BNB contract holds 2.5 million DRAM.
A background search carried out by Cointelegraph uncovered the previous launch of
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