Distributed Technologies Research Limited (DTR), a decentralized finance (DeFi) startup headquartered in Abu Dhabi Global Market (ADGM), has unveiled a new stablecoin named DRAM, anchored to the UAE dirham.
Akshay Naheta, founder and CEO of DTR, has expressed that the motivation behind creating a dirham-backed stablecoin is to carve out a space in the massive $130 billion stablecoin market, which is currently overwhelmingly occupied by stablecoins pegged to the US dollar.
Highlighting the UAE’s progressive stance towards cryptocurrencies and the Web3 sphere, Naheta, a former top-tier executive at SoftBank, expressed optimism. The startup aspires to obtain a modest percentage of the global stablecoin sector with DRAM, thanks to the UAE’s forward-thinking perspective on digital currencies and the Web3 infrastructure.
Naheta explained that they chose the dirham over other currencies due to the UAE’s strong and growing economic landscape. This environment attracts significant talent and is establishing itself as one of the world’s top financial hubs.
DTR has decided to license its stablecoin technology to the Hong Kong-based DRAM Trust. This entity will be responsible for maintaining the reserves that underpin the tokens. To put it in perspective, each DRAM token has a backing of AED 3.6725, equivalent to $1.
From Monday onwards, global decentralized trading platforms will support the new token, and centralized platforms are expected to jump on board shortly thereafter. Naheta has revealed an initial issuance of DRAM coins valued at approximately $10 million.
DTR has also set its sights on launching a proprietary decentralized finance wallet by early 2024. This will enable users to store stablecoins and facilitate international transactions.
