UAE - Former SoftBank Executive To Launch Dirham-Pegged Stablecoin Says UAE Is The 'New Switzerland' | Benzinga
A new stablecoin pegged against the Dirham was launched which will protect consumers from high inflation rates in the U.A.E.
What Happened: Former Softbank Group Corp executive Akshay Naheta founded a company, DTR, in the United Arab Emirates (UAE) International Financial Free Zone to launch a new stablecoin, DRAM, supported by the local currency, the Dirham.
The company created in collaboration with Hong Kong-based DRAM Trust wants to cushion individuals’ currency stability in high-inflation countries such as Turkey, Egypt and Pakistan.
"Our main focus is the unbanked and underbanked in these nations. If you want to diversify your risk and be in a currency that’s complementary to the dollar, there’s a big percentage of money that can move into this,” Naheta commented in an interview from Dubai as cited by Bloomberg.
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