Sonic Labs has canceled plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates dirham-denominated alternative.
On March 22, Sonic Labs data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/sonic-blockchain-algorithmic-stablecoin-andre-cronje” rel=”” target=”_self” text=”null” title=”https://cointelegraph.com/news/sonic-blockchain-algorithmic-stablecoin-andre-cronje”>co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual percentage rate (APR) of up to 23%, Cointelegraph reported.
However, one week later, the firm reversed course.
“We will no longer be releasing a USD based algorithmic stable coin,” Cronje said in a March 28 X post. “Completely unrelated, we will be…
