Mars Finance News, on March 29, according to Cointelegraph, Sonic Labs canceled its plan to launch a USD-pegged algorithmic stablecoin and instead chose to develop an alternative stablecoin product priced in UAE Dirham. Sonic Labs co-founder Andre Cronje confirmed the news on X platform and stated: "We will no longer issue a USD-pegged algorithmic stablecoin, but will instead issue an alternative related to digital Dirham, which is settled in USD but absolutely not a USD-based algorithmic stablecoin." It is reported that the UAE previously announced the launch of a central bank digital currency (CBDC) digital Dirham in the fourth quarter of 2025.
Sonic Labs cancels plans for dollar-pegged algorithmic stablecoin
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