Akshay Naheta, a former MIT alumnus and SoftBank executive, has launched a Dirham-backed stablecoin called DRAM. The Abu Dhabi-based company has been developing the technology since October 2022 and the Ethereum ERC-20 token is issued by DRAM Trust, a Hong Kong law governed trust. The independent trustee responsible for approving token mints and burns is reportedly licensed and regulated under the Hong Kong Monetary Authority.DRAM is designed to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ native currency. The DRAM website 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, while the ARB contract reflects 499,999 DRAM and the BNB contract holds 2.5 million DRAM.Naheta was involved in founding Distributed Technologies Research (DTR) in Switzerland in 2019. The foundation developed a decentralized payments system called Unit-e, which was designed and built by a host of academics and developers through partnerships and grants with high-profile academic institutions including Stanford, MIT and University of Illinois.The DRAM stablecoin is not currently available in Hong Kong or the United Arab Emirates, but 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 UAE is emerging as a hub for the nascent cryptocurrency and wider Web3 space due to a favorable regulatory framework that aims to foster financial innovation and adoption of digital assets. Major exchanges such as Coinbase and Binance are already operational in Dubai. Naheta believes that there will be demand for DRAM from companies in the region that are grappling with high inflation and currency issues.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇦🇪 🇨🇭 🇩🇪 🇭🇰 🇺🇸 🇦🇪 🇦🇪 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Stanford, University of Illinois, Akshay Naheta, MIT, Binance. |
| Companies | Stanford, Distributed Technologies Research, University of Illinois, MIT, SoftBank, Coinbase, DRAM Trust, Binance., Hong Kong Monetary Authority |
| Currencies | Arbitrum, United Arab Emirates Dirham, BNB, Ethereum, Dream |
| Securities | None |
