Anchoring the Stablecoin Market with DRAM
Former SoftBank Group Corp. luminary, Akshay Naheta, is navigating into the stablecoin market with a fresh venture, DTR, sited in Abu Dhabi’s international financial free zone. Partnering with the Hong Kong-centric DRAM Trust, Naheta is venturing into a stablecoin market poised to burgeon, with an anticipated escalation to $2.8 DRAM’s Unique Proposition in the Stablecoin Arena
DTR is not just another fish in the stablecoin ocean; it propels DRAM coins, which distinguish themselves by being backed by the United Arab Emirates dirham instead of the more common US dollar peg. Given the dirham’s steadiness through its tie to the US dollar, DRAM emerges as a credible financial alternative for entities in nations grappling with high inflation, such as Turkey, Egypt, and Pakistan, while also presenting a substitute to the conventional SWIFT system.
A Financial Lifeline for the Unbanked
Naheta emphasizes a focused approach to addressing the financial needs of the unbanked and underbanked populations in various nations. He envisions a scenario where a sizable portion of financial assets could cascade into DRAM, offering a risk-diversified asset that complements the dollar, thereby appealing especially to those wanting to navigate away from their local, inflation-prone currencies.
A Glimpse into Naheta’s Financial Mastery
Naheta is no stranger to steering colossal financial deals, with a track record that includes advocating for the sale of chip designer Arm to Nvidia Corp and spearheading a $4 billion investment in Nvidia in 2017 during his stint at SoftBank. Since his departure, the UAE has become his financial playground, where he has been crafting various fintech initiatives.
Stablecoins: A Double-Edged Sword?
Despite being on the financial scene for almost a decade, stablecoins, particularly those pegged to a fiat currency like the dollar, have primarily facilitated traders in digital asset transfers across exchanges without making significant breakthroughs in consumer payments. Even as they offer an efficient avenue for instantaneous, low-cost money transfers, they have encountered opposition from central banks cultivating their own digital currencies.
DRAM’s Accessibility and Future Avenues
DRAM coins will not only mark their presence on decentralized exchanges such as Uniswap, Sushiswap, and Pancakeswap but are also expected to collaborate with centralized exchanges in the forthcoming phases. Naheta anticipates a pronounced interest particularly in the UAE, which not only hosts a considerable expatriate demographic but is also proximate to several nations experiencing high inflation across Africa, the Middle East, and Asia.
The Dirham Emerging as a Global Financial Player
With Emirati banknotes currently occupying a modest role in the global economy, a recent upswing in popularity as a petrocurrency has been noted. “We’re transitioning into a radically rewired financial framework where the dirham will claim substantial ground,” states Naheta, expressing a robust bullish stance on the UAE, citing its geopolitical neutrality, strategic transportation hub status, and allure as a top-tier tourist destination, likening it to a “new Switzerland”.
