PANews reported on March 29 that according to Cointelegraph, Sonic Labs has canceled its plan to launch a dollar-pegged algorithmic stablecoin and instead chose to develop an alternative stablecoin product priced in UAE dirhams. Sonic Labs co-founder Andre Cronje confirmed the news on X platform, stating: "We will no longer issue a dollar-pegged algorithmic stablecoin, but will instead issue an alternative related to digital dirhams, which is settled in US dollars but absolutely not a dollar-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.
