First Dirham-backed stablecoin challenges $125 billion market dominated by USD

DRAM was launched earlier this week by Distributed Technologies Research Ltd (DTR), a relatively new player in the decentralized finance (DeFi) sector.

DTR was founded just 10 months ago by Akshay Naheta, a former high-ranking executive at SoftBank. This launch marks a bold attempt to tap into the expanding stablecoin market and establish a strong presence.

The UAE's progressive and evolving policy framework for the cryptocurrency sector has created an ideal environment for such an initiative. The nation's open approach to cryptcurrencies and the Web3 ecosystem has allowed DTR to leverage these favorable conditions for the launch of DRAM.

By providing a Dirham-backed stablecoin, DTR aims to offer an alternative to the dominant US dollar-backed stablecoins, which have been the industry standard. This move could potentially disrupt the market and offer users more diverse and stable options in the cryptocurrency space.