A new stablecoin pegged to the United Arab Emirates dirham has been launched by Akshay Naheta, a former executive at SoftBank. Naheta is partnering with Hong Kong-based DRAM Trust to develop the stablecoin, which is aimed at providing stable currency and inflation protection for users in the Middle East.
Naheta is a British-Indian businessman with experience at SoftBank’s Vision Fund. He was previously the founder and managing partner of an investment firm called Knight Assets & Co.
The stablecoin is intended to offer an alternative to SWIFT for international money transfers and potentially disrupt the traditional banking system. It also aims to help unbanked and underbanked populations in countries facing economic troubles, who often lack access to traditional banking services.
The Middle East and North Africa have emerged as fast-growing crypto markets, though some countries like Egypt have banned crypto trading. Stablecoins remain popular globally despite the bear market, with major ones like USDT and USDC.
By backing the new stablecoin with the UAE dirham, Naheta hopes to empower vulnerable populations to better manage their finances amidst inflation and currency instability. The focus is on helping those who lack banking access in economically challenged countries.
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