Sonic Labs Abandons Dollar Stablecoin in Favor of Dirham
Date: 2025-03-31 Author: Gabriel Deangelo Categories: BUSINESS
Cronje emphasized that the new product is “definitely not a dollar algorithmic stablecoin.” The decision to change direction was prompted by the provisions of the draft US STABLE Act, which provides for a two-year ban on the creation of new assets with endogenous collateral.
At the same time, the UAE authorities announced their intention to introduce a blockchain version of their national currency, the dirham, by the end of 2025. It is not yet clear whether the Sonic Labs developers have anything to do with this project.
Earlier, on March 22, Cronje announced plans to launch a dollar algorithmic stablecoin. At that time, the Sonic Labs developers were working on scaling the system and preparing for its full release.
Also, in recent months it has become known that Fidelity plans to create its own stablecoin, which adds additional interest to the changes taking place in the industry.
