DTR is eyeing a head start for DRAM by targeting to corner a single-digit share in the stablecoin market in the near term.


Cryptocurrency: UAE announces first-ever Dirham-backed stablecoin in challenge to US $125bn market
The turmoil in the US has led the crypto industry globally to search for regulatory “square holes” that best identify crypto assets from a regulatory lens

The UAE is set to trigger a major milestone in the global cryptocurrency market, with its evolved policy framework for the sector providing the launch ground for issuing a Dirham-backed stablecoin, a move widely seen as the first attempt globally to make a dent in the $125 billion market, currently dominated by US dollar-backed stablecoins.

The first Dirham-backed stablecoin, DRAM, launched early this week by Distributed Technologies Research Ltd (DTR), a 10-month-old decentralised finance (DeFi) startup founded by former SoftBank top executive Akshay Naheta, plans to leverage the more