A former Massachusetts Institute of Technology (MIT) alumnus and SoftBank executive has introduced a dirham-backed stablecoin that seeks to provide exposure to assets linked to the fiat currency of the United Arab Emirates (UAE) to nations suffering from high inflation situations.

When the DRAM stablecoin was announced on Oct. 3 and listed on decentralized financial protocols Uniswap and PancakeSwap, Cointelegraph contacted Akshay Naheta, co-founder and CEO of Distributed Technologies Research (DTR).

Since October 2022, the Abu Dhabi-based business has been working on the technology for a stablecoin backed by dirhams. In the country, Naheta has revived DTR, which he helped co-found in Switzerland in 2019.

An independent trustee charged with approving token mints and burns is supposedly licensed and governed by the Hong Kong Monetary Authority. DRAM is an Ethereum ERC-20 token produced by Hong Kong-based Dram Trust.

However, Naheta reports that discussions are ongoing to provide token liquidity for listing on centralized exchanges outside of Hong Kong and the United Arab Emirates, where DTR is currently unable to issue DRAM.

Before any DRAM tokens may be created, regulatory requirements state that dirham fiat reserves must be deposited. The reserves are supposedly held by regulated financial institutions.

The DRAM website also provides links to the stablecoin's Ethereum, BNB Smart Chain, and Arbitrum smart contract addresses.

At the time of publication, the Ethereum token contract shows a maximum total quantity of 2 million DRAM, while the Arbitrum contract shows 499,999 DRAM and the BNB Smart Chain contract possesses 2.5 million DRAM.

Sources:

https://cointelegraph.com/news/abu-dhabi-firm-launches-dirham-backed-stablecoin

https://www.linkedin.com/feed/update/urn:li:activity:7114463707258060800/

https://etherscan.io/token/0x5216409e5266cf520868545d6674d1f0046fdd9e

https://bscscan.com/token/0x36de0f01b7806ab72541f34d86b4033262ebfc62

https://arbiscan.io/token/0x5216409e5266cf520868545d6674d1f0046fdd9e