Sonic Labs has cancelled the launch of its algorithmic stablecoin pegged to the US dollar, opting instead to develop an alternative priced in United Arab Emirates dirham
Sonic Labs has cancelled its plan to launch a US dollar-pegged algorithmic stablecoin, instead opting to develop an alternative currency priced in United Arab Emirates dirham.
Andre Cronje, co-founder of Sonic Labs, confirmed the news and posted on social media: "We will no longer issue a US dollar-based algorithmic stablecoin, but will issue a mathematically bound numerical dirham settled and priced in dollars. This is absolutely not a US dollar-based algorithmic stablecoin." Not long ago, the UAE announced that it would launch a digital dirham central bank digital currency (CBDC) in the fourth quarter of 2025.
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