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👉Sonic Labs👈
Sonic Labs has scrapped its initial plans to launch a US dollar-pegged algorithmic stablecoin, pivoting instead to develop a version tied to the United Arab Emirates dirham.
Just a week after co-founder Andre Cronje revealed that the firm was building a USD-based algorithmic stablecoin offering an annual percentage rate of up to 23%, the company made an abrupt U-turn.
“We will no longer be releasing a USD-based algorithmic stablecoin,” Cronje said in a March 28 post on X.
“Completely unrelated, we will be releasing a mathematically bound numerical Dirham, which is settled and denominated in USD, which is definitely not a USD-based algorithmic stablecoin.”