DTR’s Dirham-backed stablecoin, DRAM, challenges USD-backed dominance and changes the global digital assets ecosystem.
With the introduction of DRAM, the first stablecoin backed by the dirham, the United Arab Emirates (UAE) has boldly joined the global cryptocurrency arena, a ground-breaking move that challenges the dominance of US dollar-backed stablecoins in the $125 billion industry. This week, Distributed Technologies Research Ltd. (DTR), a decentralised finance (DeFi) business led by former SoftBank CEO Akshay Naheta, unveiled DRAM by taking use of the thriving Web3 environment and the progressive legislative framework of the United Arab Emirates.
Cryptocurrencies tethered to fiat money, or stablecoins, have become essential for low-cost international trade. Established stablecoins like USD Coin (USDC) and Tether (USDT) have a market valuation of more than $125 billion, but DRAM wants to fill a gap in the market by providing a stablecoin backed by dirhams.
Liminal’s Country Head for India and Global Partnerships, Manhar Garegret, praised the UAE for its dedication to digital assets and for introducing cutting-edge Web3 technologies like DRAM. This action shows that the UAE is prepared to adopt updated regulatory frameworks for the next stage of growth.
Satyandre Yadav, the CEO of cryptocurrency consultancy Metamorph, emphasised the importance of DRAM’s introduction and stressed how it may help localise the digital asset market and lessen the UAE’s dependency on stablecoins backed by the US dollar, such as USDT and USDC.
Moreover industry experts have highlighted that one of the main benefits of stablecoins is their capacity to enable inexpensive cross-border payments. DRAM is well-positioned to flourish and gain popularity thanks to the UAE’s hospitable regulatory framework, providing customers with quick and affordable cross-border transactions.
DRAM’s introduction into the market promises to transform the worldwide payments scene and offer a compelling option in the rapidly evolving world of digital assets, particularly as the demand for stablecoins continues to soar globally.
