Introducing a New Stablecoin Backed by UAE Dirham
Akshay Naheta, a former SoftBank executive, is taking a different approach in the stablecoin market by introducing a new stablecoin backed by the United Arab Emirates Dirham. Naheta has established DTR in the international financial free zone of the emirate, partnering with DRAM Trust, a Hong Kong-based entity. Their goal is to tap into the expanding stablecoin market, projected to reach $2.8 trillion in the next five years.
DRAM Coins Provide Stability for High-Inflation Countries
The DRAM coins aim to provide stability for individuals in high-inflation countries like Turkey, Egypt, and Pakistan. Additionally, the UAE stablecoin serves as an alternative to the SWIFT system. Naheta emphasizes their focus on the unbanked and underbanked in these nations and highlights the opportunity for diversifying risk and investing in a currency complementary to the dollar.
Availability on Decentralized Exchanges
DRAM coins will be accessible on decentralized exchanges such as Uniswap, Sushiswap, and Pancakeswap. The team also plans to collaborate with centralized exchanges in the future. The UAE stablecoin is expected to attract significant interest within the UAE due to its large expatriate community and proximity to countries experiencing high inflation rates.
Emirati Banknotes Gain Recognition
While Emirati banknotes currently have a modest position in the global economy, they have gained recognition as a more prevalent petrocurrency. Naheta expresses his optimism about the UAE’s role in the rewired financial system, highlighting its geopolitical neutrality, transportation hub status, and appeal as a top tourism destination.
Hot Take: DTR Stablecoin Expands Opportunities in Stablecoin Market
Akshay Naheta’s introduction of a stablecoin backed by the United Arab Emirates Dirham provides an alternative for individuals in high-inflation countries and an opportunity for diversification. With plans to collaborate with both decentralized and centralized exchanges, the DTR stablecoin aims to tap into the expanding stablecoin market. As the UAE gains recognition as a petrocurrency and plays a larger role in the global economy, the DTR stablecoin could be a significant player in the financial system.
By
By
By
By