SoftBank Group Corp. Akshay Naheta, a former senior executive of the company and known for steering some of the company's major deals, is stepping into the world of stablecoin technology by establishing DTR in Abu Dhabi's international financial free zone.
Former SoftBank Executive Launches Stablecoin Initiative Against High Inflation
Collaborating on this effort is Hong Kong-based DRAM Trust, which is affiliated with a network of high-net-worth individuals.
Together, the two companies aim to capitalize on the emerging stablecoin market, which analysts at Bernstein predict will grow more than 20-fold to $2.8 trillion in the next five years.
In a departure from convention, DRAM coins will be pegged to the United Arab Emirates dirham rather than the US dollar.
This strategic move is expected to offer greater stability for individuals living in high-inflation countries ranging from Turkey to Egypt and Pakistan. It also offers an alternative to the SWIFT system.
Similar to Naheta's perspective, he said in an interview from Dubai: “Our main focus is on the unbanked and underbanked in these countries.
“If you want to diversify your risk and be in a currency that is complementary to the dollar, there's a large percentage of money that can move into that.”
Naheta, who previously worked as a trader at Deutsche Bank AG, played a key role in orchestrating some of SoftBank's most significant deals.
These include proposing the sale of chip designer Arm to semiconductor designer Nvidia Corp and spearheading a $4 billion investment in Nvidia in 2017 that resulted in a significant profit of $3 billion.
*This is not investment advice.
