One such development is DRAM, a UAE dirham-backed stablecoin. Designed to bring stability, security, and efficiency to the crypto space. Do you think this stablecoin will be successful?
In this article, we will delve into the creation of DRAM, and some related info we found about this project.
Why DRAM Was Created?
DRAM was created to address the inherent volatility of cryptocurrencies while harnessing the benefits of blockchain technology. The UAE dirham, as one of the world’s most stable fiat currencies, serves as a reliable anchor for DRAM. This stablecoin aims to provide a secure and accessible way to transfer and store value. Making it an ideal choice for individuals and businesses operating in the United Arab Emirates and beyond.
Former SoftBank Executive, Akshay Naheta, Launches Stablecoin DRAM Backed by the UAE Dirhamhttps://t.co/SQKYV3yHW2
— John Morgan (@johnmorganFL) October 2, 2023
This strategy is designed to provide better stability for people living in high-inflation countries such as Turkey, Egypt, and Pakistan. It is an alternative to the SWIFT system. Also, another important goal is to focus on the unbanked and underbanked in these countries.
Note: It is important to mention that there is too little information on this project to make a proper analysis. But we will definitely follow this initiative closely.
Overview of DRAM’s Plans
After doing some research about DRAM, we think it has ambitious plans for its development and adoption. Here are some of its features:
- Secure Funding and Investor Support: DRAM has secured substantial funding from strategic investors like DTR and DRAM Trust. The two companies hope to benefit from the developing stablecoin industry, which Bernstein analysts anticipate will more than double to $2.8 trillion in the next five years. This financial backing ensures the stablecoin’s long-term sustainability and paves the way for its adoption in various financial ecosystems.
- Regulatory Compliance: DRAM is committed to complying with UAE regulatory standards, which will enhance its trustworthiness and facilitate its integration into the traditional financial system. Obtaining necessary licenses and approvals is a key priority in the roadmap.
- Ecosystem: To encourage adoption like every stablecoin, DRAM will work on developing a user-friendly ecosystem that will make it easy for users to transact and store their assets securely. This accessibility will attract both crypto-savvy users and newcomers to the digital asset space.
- Global Expansion: While initially focused on the UAE, DRAM has plans to expand its reach internationally. This expansion will enable individuals and businesses worldwide to access the benefits of a stablecoin backed by a strong fiat currency.
”DRAM coins will be backed by the United Arab Emirates dirham. The currency’s peg to the greenback offers greater stability for individuals in high-inflation countries from Turkey to Egypt and Pakistan, while providing an alternative to the SWIFT system.”https://t.co/7YCl2Ajkya
— BULLCH 1 (@marblemarket29) October 2, 2023
DRAM is being created to bridge the gap between traditional finance and the world of cryptocurrencies. The project wants to offer stability and accessibility. In other words, DRAM wants to provide a secure and reliable currency to transfer and store value in the UAE and beyond.
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