Akshay Naheta, an MIT alum and former SoftBank executive, has launched a stablecoin backed by the UAE dirham called DRAM. The aim is to provide countries facing high inflation with exposure to assets tied to the dirham.
Naheta is the CEO of Distributed Technologies Research (DTR), which released DRAM on Ethereum, BNB Smart Chain, and Arbitrum. DRAM is an ERC-20 token issued by a Hong Kong trust and overseen by a licensed trustee.
DTR cannot currently offer DRAM in Hong Kong or the UAE but is in talks to list on exchanges outside those jurisdictions. Naheta rebooted DTR in Abu Dhabi after founding it in Switzerland in 2019.
He expects demand from UAE companies struggling with inflation. The UAE is emerging as a crypto hub with favorable digital asset regulations, drawing firms like oinbase">Coinbase. Naheta believes DRAM can provide stable crypto investment options linked to the dirham’s strength.
#Stablecoin #UAE #Dirham #Cryptocurrency
