Get Ready for the Launch of a Stablecoin from a Country Swimming in Oil Wealth

SoftBank Group Corp

Akshay Naheta, formerly a key figure at SoftBank Group Corp renowned for orchestrating significant deals, is now venturing into stablecoin technology. He’s setting up a company called DTR in Abu Dhabi’s financial-free zone. DTR is teaming up with DRAM Trust, a Hong Kong-based company connected to wealthy individuals, to tap into the growing stablecoin market. Analysts predict this market will expand over 20 times to $2.8 trillion in the next five years.

Unlike most stablecoins tied to the US dollar, DRAM coins will be pegged to the United Arab Emirates dirham. This unique approach aims to provide more stability for people in countries with high inflation, like Turkey, Egypt, and Pakistan. It also offers an alternative to the SWIFT system.

Naheta, sharing his perspective from Dubai, highlighted their focus on helping the unbanked and underbanked in these countries. He suggested that for those looking to diversify risk and use a currency complementary to the dollar, there’s a significant opportunity.

Previously, Naheta played a crucial role in some of SoftBank’s major deals, such as proposing the sale of chip designer Arm to Nvidia and leading a $4 billion investment in Nvidia in 2017, resulting in a substantial profit of $3 billion.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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