Dirham stablecoin, an ERC20 token-based stablecoin backed by the United Arab Emirates Dirham, has been unveiled. Tied to the AED in the ratio of 1:1, the Dirham stablecoin will cost approximately $0.27.
Notably, the Dirham stablecoin is fully regulated and issued under market conditions depending on the demand. According to the issuer through a press release, the value of the stablecoin will be secured by 20% AED/USD. The remaining 80% will be secured by the issuance or burning of a token within the framework of the blockchain protocol.
To start with, 11,000,000,000 DAH tokens are expected to be released to the market. Out of which, 5% will be allocated to an initial coin offering (ICO). 83% of the initial release is expected to be allocated to the initial public offering. The remaining 12% is expected to be divided in the ratio of 3:3:6. Whereby 3% is expected to be used in remuneration, grants, and other financings. The other 3% is expected to be used in the Dirham fund, for engineering development, building communities, and marketing activities. While the last 6% will be allocated for creators, to the team, and development purposes.
The Dirham stablecoin is currently listed on Coinsbit and Finexbox crypto exchanges. The asset is listed against popular digital assets including Bitcoin, Ethereum, And Litecoin.
The initial coin offering is currently ongoing and is expected to run until June 19, 2021. Interested crypto users can purchase the Dirham at a 25% discount. After the initial coin offering is completed, the firm has planned for a staking program where users can stake their Dirham stablecoin and earn up to 0.8% in rewards.
The team behind Dirham stablecoin has designed it to act as a base for the Habicoin ecosystem. Notably, the Habicoin network s a separate decentralized ecosystem focused on the privacy aspect and mining capability.
The Dirham stablecoin is venturing into a vast industry that plays a significant role in maintaining the cryptocurrency industry. Notably, cryptocurrency traders use different stablecoins to protect their capital against huge and unpredictable market volatility.
By having a regulated and a trusted mechanism, Dirham intends to compete with the likes of USDT that has had several transparency issues. Moreover, cryptocurrency users now have an opportunity to use a stablecoin backed by different fiat currencies other than the popular currencies.