#AbuDhabiStablecoin Abu Dhabi is making significant strides in the field of digital currency with the launch of two stablecoins backed by the dirham: DRAM and AE Coin.

DRAM, developed by Distributed Technology Research (DTR), is an ERC-20 token based on Ethereum pegged to the UAE dirham. Launched on decentralized platforms such as Uniswap and PancakeSwap, DRAM is issued by DRAM Trust based in Hong Kong, ensuring that each token is backed by dirham reserves held in regulated financial institutions. Although it is currently not available in the UAE or Hong Kong, discussions are underway to list DRAM on centralized exchanges outside of these jurisdictions.

AE Coin, on the other hand, has received full approval from the Central Bank of the UAE, making it the first stablecoin officially approved with dirham backing in the country. Fully supported by reserves within the UAE, AE Coin aims to provide a stable and secure digital payment solution. This coin is designed to facilitate fast, cost-effective transactions and is expected to be integrated into various financial services, including e-commerce and decentralized finance platforms.

These developments highlight the UAE's commitment to adopting blockchain technology and promoting innovation in the financial sector.