Dubai, UAE – October 1, 2023
Distributed Technologies Research Ltd (DTR), a DeFi startup founded just ten months ago by former SoftBank top executive Akshay Naheta, has made a significant stride in the crypto world by launching its UAE dirham-backed stablecoin, DRAM. This move is aimed at securing a foothold in the $130 billion stablecoin market, predominantly dominated by US dollar-backed cryptocurrencies like Tether (USDT) and USD Coin (USDC).
In an exclusive interview with ET, Naheta emphasized the stability and growth of the UAE economy as a key factor behind linking the stablecoin to the dirham. He stated, “We’ve linked it to the dirham as opposed to any other currency because it’s (UAE) a very stable and growing economy, it’s attracting a lot of talent and has become among the biggest financial hubs of the world.”
DTR’s innovative approach leverages the more permissive regulatory environment of the UAE regarding cryptocurrencies and Web3, making it an attractive destination for crypto enthusiasts. The company’s ambitious plan is to capture a single-digit market share in the stablecoin arena with DRAM.
Dive into DTR's initiative, led by ex-SoftBank exec Akshay Naheta, introducing DRAM, a UAE dirham-backed stablecoin.https://t.co/dtmqIBKbsp pic.twitter.com/kKuVuAjuUV
— Blockchain Reporter (@blockchainrptr) October 2, 2023
DTR is also set to launch its own decentralized finance wallet in the first quarter of 2024, enabling users to hold stablecoins and make global payments. Initially, DRAM tokens worth up to $10 million will be issued, with plans to expand as the market matures.
While stablecoins provide stability in the volatile crypto market, regulatory concerns are on the rise globally. Despite this, DTR and Naheta are determined to provide a democratized way of enabling cross-border transactions, emphasizing the advantages of stablecoins over central bank-backed digital currencies.
