Ex-SoftBank Executive Unveils A UAE Stablecoin to Dodge Inflation

While most of the new payers in the stablecoin market have been focusing on USD-pegged stablecoins, former SoftBank executive Akshay Naheta undertakes a different approach by introducing a new stablecoin backed by the United Arab Emirates Dirham.

The 42-year-old financial expert has established DTR in the international financial free zone of the emirate. He has joined forces with DRAM Trust, a Hong Kong-based entity with connections to numerous high-net-worth individuals, for this venture. Together, they aim to seize the opportunity presented by the stablecoin market, which analysts at Bernstein project to expand over twentyfold to reach $2.8 trillion in the next five years.

The DRAM coins seek to provide greater stability for individuals in high-inflation countries such as Turkey, Egypt, and Pakistan. Additionally, the UAE stablecoin would also be an alternative to the SWIFT system. In his latest interview, Naheta said:

“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.”

UAE Stablecoin to Be available on DEXs

DRAM coins will be accessible on decentralized exchanges such as Uniswap, Sushiswap, and Pancakeswap. The team also has intentions to collaborate with centralized exchanges in the coming times, as stated by Naheta.

This cryptocurrency is anticipated to garner significant interest in the UAE, primarily due to the country’s substantial expatriate community and its proximity to several nations in Africa, the Middle East, and Asia, which grapple with high inflation rates.

Although Emirati banknotes currently hold a modest position in the global economy, they have gained recognition as a more prevalent petrocurrency in recent times. Naheta said:

“We’re moving into a whole new and rewired financial system where the dirham will be a big player,” Naheta said. “I’m extremely bullish on the UAE. It’s the new Switzerland – geopolitically neutral, a great transportation hub and a top tourism destination.”