As the world shifts towards US dollar-pegged stablecoins, Akshay Naheta, a former SoftBank executive, is bucking the trend with DRAM, a stablecoin backed by the United Arab Emirates dirham.
Naheta’s decision to launch a dirham-backed stablecoin is strategic. The dirham is a stable currency, pegged to the US dollar, but it is also more accessible to people in countries with high inflation, such as Turkey, Egypt, and Pakistan. DRAM is also expected to be popular in the UAE, which has a large expatriate community and is close to several high-inflation countries.
DRAM will be available on decentralized exchanges like Uniswap, Sushiswap, and Pancakeswap, as well as centralized exchanges in the near future. Naheta’s company, DTR, is also developing a decentralized wallet solution that will make it easier for people to use DRAM and other digital tokens.
DTR’s Global Plan
DTR, which is headquartered in the Abu Dhabi Global Market, is committed to democratizing finance by developing digital financial technologies. In addition to DRAM, DTR plans to launch a decentralized wallet solution in early 2024.
DTR’s launch of DRAM is a sign of the growing influence of the UAE in the global financial landscape. Naheta likens the UAE’s role to that of Switzerland, citing its geopolitical neutrality, robust transportation infrastructure, and prominence as a top-tier tourism destination.