What is the DRAM Stablecoin?

The DRAM stablecoin is a new player in the cryptocurrency world, designed explicitly to provide a hedge against the unpredictable inflation seen in various countries. Backed by the United Arab Emirates (UAE) dirham, DRAM aims to give users a more stable digital asset option. It was officially listed on popular decentralized finance platforms such as Uniswap and PancakeSwap on October 3.

A Little Background on DTR

Distributed Technologies Research (DTR), co-founded by Akshay Naheta during his time at SoftBank, originally set sail in Switzerland back in 2019. The firm had grand plans but took a detour. Now, with a reboot in Abu Dhabi, they’re back on track with DRAM, which has been in the works since October 2022.

Minting and Regulations: How DRAM Works

In the world of cryptocurrencies, regulations can feel like trying to balance a skateboard on a high wire. DRAM tokens are minted only after respective fiat reserves are confirmed. These reserves are securely held by regulated financial institutions—a detail that offers a layer of security for investors. Token liquidity is in the works, with Naheta hinting that centralized exchanges could be on the horizon for listing.

Technical Backbone: ERC-20 and Smart Contracts

DRAM operates as an Ethereum ERC-20 token, officially issued by the Hong Kong-based Dram Trust. With a max total supply of 2 million DRAM tokens, this stablecoin is designed for prominent decentralized blockchain interactions. The technology includes smart contracts across Ethereum, BNB Smart Chain, and Arbitrum, ensuring users can tap into various blockchain benefits.

Why the UAE Dirham?

So, what’s the deal with choosing the UAE dirham? Naheta highlights the robust performance of the UAE economy, and the growing demand for stable digital asset investment options in the region. As the UAE emerges as a dynamic hub for cryptocurrency and Web3 innovations, DRAM aims to be there, settling down for the long haul.

Wrap Up: Future of DRAM

Even though DTR can’t officially market DRAM in the UAE just yet, the company remains optimistic about demand in high-inflation environments. With powerful economic insights backing the project and solid tech underpinnings, DRAM could be a game-changer for many investors.