Sonic Labs Cancels USD-Pegged Algorithmic Stablecoin Plan

BlockBeats News, March 29th, according to Cointelegraph, Sonic Labs has canceled its plan to launch an algorithmic stablecoin pegged to the US dollar, opting instead to develop an alternative stablecoin product pegged to the United Arab Emirates dirham. Sonic Labs co-founder Andre Cronje confirmed the news on the X platform and stated, "We will no longer be issuing an algorithmic stablecoin pegged to the US dollar, but will be issuing an alternative pegged to the digital dirham, settled in USD but absolutely not a USD-based algorithmic stablecoin." It is reported that the UAE has previously announced that it will launch a central bank digital currency (CBDC) based on the digital dirham in the fourth quarter of 2025.