Former SoftBank executive Akshay Naheta’s DeFi startup DTR launches UAE dirham-backed stablecoin
DTR), a 10-month-old decentralised finance startup founded by former SoftBank top executive Akshay Naheta, on Monday announced the launch of its UAE dirham-backed stablecoin, DRAM.
In an interaction with ET, Naheta said that the aim of issuing a dirham-backed stablecoin was to establish a foothold in the $130 billion market, which is currently dominated by US dollar-backed stablecoins.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitIIM LucknowIIML Executive Programme in Data ScienceVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitAttempting to leverage the more liberal approach of the UAE to cryptocurrencies and the Web3 ecosystem compared to other jurisdictions, DTR is looking to capture a single-digit market share of the stablecoin market for DRAM in the near-term.
Stablecoins are cryptocurrencies that are intrinsically tied to an underlying asset such as a fiat currency, financial instruments or exchange-traded commodities. The Tether (USDT) and the USD Coin (USDC) are among the most popular stablecoins, with a combined market cap of over $105 billion.
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“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,” said Naheta. “We have created a very attractive alternative for anyone who has a dollar-based stablecoin to be in something that is linked to dollars, is complementary to the pervasive Swiss system, and at
