UAE Stablecoin DRAM coins aim to provide more stability in high-inflation nations while focusing on the unbanked and underbanked.
Former SoftBank executive Akshay Naheta introduced a new stablecoin backed by the United Arab Emirates Dirham, whereas most new stablecoin market entrants have been concentrating on USD-pegged stablecoins.
The 42-year-old financial expert founded DTR in the emirate’s international free zone. For this endeavor, he has partnered with DRAM Trust, a Hong Kong-based organization with ties to numerous ultra-wealthy individuals.
Together, they intend to seize the opportunity presented by the stablecoin market, with analysts at Bernstein project to expand over twentyfold to reach $2.8 trillion in the next five years.
DRAM coins aim to provide more excellent stability for individuals in countries with significant inflation, such as Turkey, Egypt, and Pakistan. In addition, the UAE stablecoin would serve as an alternative to SWIFT. In his most recent interview, Naheta remarked:
“Our main focus is the unbanked and underbanked in these nations. If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this.”
DRAM currencies will be accessible on decentralized exchanges, including Uniswap, Sushiswap, and Pancakeswap. According to Naheta, the team intends to collaborate with centralized exchanges shortly.
This cryptocurrency is anticipated to generate significant interest in the UAE, primarily due to its large expatriate population and proximity to several countries in Africa, the Middle East, and Asia that struggle with high inflation.
Although Emirati banknotes hold a minor position in the global economy in recent years, they have gained recognition as a more prevalent petrocurrency. She stated:
“We’re moving into a whole new and rewired financial system where the dirham will be a big player,” Naheta stated.“I’m extremely bullish on the UAE. It’s the new Switzerland – geopolitically neutral, a great transportation hub and a top tourism destination.”.
