Akshay Naheta Introduces DRAM Stablecoin Backed by UAE Dirham
In a unique move amidst the growing popularity of US dollar-pegged stablecoins, Akshay Naheta, a former SoftBank executive, has launched DRAM, a stablecoin backed by the United Arab Emirates Dirham. While other stablecoins like Paytm’s PYUSD have gained support in the industry, Naheta aims to tap into the expanding stablecoin market by providing stability in nations with high inflation rates.
“Our main focus is the unbanked and underbanked in these nations. If you want to diversify your risk and be in a currency complementary to the dollar, a big percentage of money can move into this.”
DRAM differentiates itself from other stablecoins by pegging its value to the Dirham instead of the US dollar. It will be available on decentralized exchanges like Uniswap, Sushiswap, and Pancakeswap, with plans for collaboration with centralized exchanges in the future.
Chanelising UAE’s Financial Stability & DTR’s Global Plan
Naheta’s venture highlights the UAE’s growing influence in the global financial landscape. He compares the nation to Switzerland due to its geopolitical neutrality, robust transportation infrastructure, and popularity as a top-tier tourist destination. DTR, based in Abu Dhabi Global Market, aims to democratize finance through digital financial technologies and plans to introduce a decentralized wallet solution in early 2024.
Hot Take: DRAM Stablecoin Aims to Address High Inflation in Emerging Economies
Akshay Naheta’s creation of DRAM stablecoin backed by the UAE Dirham is an innovative approach to address high inflation in emerging economies. By providing stability and targeting the unbanked and underbanked populations, DRAM aims to diversify risk and offer an alternative currency to the US dollar. With its accessibility on decentralized exchanges and potential adoption during times of economic uncertainty, DRAM has the potential to gain significant traction in the UAE and beyond.