The Arab Emirates Central Bank has announced the listing of a dirham-inspired stablecoin on two of the largest decentralized exchanges, Uniswap and PancakeSwap.
The digital asset, known as the Al-Yusr-DRC, is a government-backed digital currency which is pegged to the UAE currency, the dirham. The DRC aims to provide an alternative to traditional banking and payment systems and to bridge the gap between traditional and digital finance.
The DRC will be issued in four different denominations of 10, 25, 50 and 100 dirhams, representing different fiat currencies in the UAE. The DRC will be backed by reserves of fiat currencies including the US dollar, pound sterling and the euro.
The listing of the DRC on Uniswap and PancakeSwap makes the coin accessible to the decentralized finance (DeFi) sector. This will allow the stablecoin to be used for payments, savings, and investments, with the potential to offer an alternative to traditional banking and payment systems.
The DRC is also supported by Al-Yusr Bank, a digital banking platform in the UAE with more than 50,000 users. This affiliation makes the DRC an attractive option for customers and traders looking to take advantage of the DeFi ecosystem.
The listing of the DRC on Uniswap and PancakeSwap is seen as a major step in the development of the DeFi ecosystem in the Middle East, which has seen increasing activity over the last few years. Along with DRC, other regional decentralized assets like stablecoins pegged to different Arab currencies are expected to be launched in the near future. This will help to further promote the use of digital assets in the region and the growth of the DeFi ecosystem.