Middle East is preparing to launch its own currency-pegged stablecoin

Popular oil-rich country of the Middle East is preparing to launch a stablecoin pegged to its own currency.
Middle East is preparing to launch its own currency-pegged stablecoin
Middle East is preparing to launch its own currency-pegged stablecoin

SoftBank Group Inc. By creating DTR in Abu Dhabi’s international financial free zone, Akshay Naheta, a former top executive of the company who is credited with guiding some of the company’s biggest agreements, is entering the stablecoin technology space.

Former SoftBank Executive Launches Stablecoin Initiative Against High Inflation

DRAM Trust, a Hong Kong-based company connected to a network of wealthy people, is working with this initiative. Together, the two businesses hope to profit from the growing stablecoin market, which Bernstein analysts forecast would increase more than 20 times to $2.8 trillion over the following five years.

DRAM coins will deviate from tradition and be tied to the United Arab Emirates dirham instead of the US dollar.

People who live in high-inflation nations like Turkey, Egypt, and Pakistan should experience more stability as a result of this deliberate approach. In addition, it provides a SWIFT system substitute.

In an interview from Dubai, he expressed a viewpoint similar to Naheta’s: “Our main focus is on the unbanked and underbanked in these countries. There is a significant amount of money that can flow into that if you want to spread your risk and be in a currency that complements the dollar.

Naheta, a former trader at Deutsche Bank AG, was crucial in coordinating some of SoftBank’s most important transactions. These include leading a $4 billion investment in Nvidia in 2017 that generated a huge profit of $3 billion and recommending the sale of chip designer Arm to semiconductor designer Nvidia Corp.

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