TechFlow news — On March 29, according to Cointelegraph, Sonic Labs has canceled its plan to launch a dollar-pegged algorithmic stablecoin and instead opted to develop an alternative currency denominated in UAE Dirhams.
Andre Cronje, co-founder of Sonic Labs, confirmed the update, stating: "We will not be issuing a USD-based algorithmic stablecoin. Instead, we will issue mathematically pegged digital Dirhams that are settled and denominated in USD. This is absolutely not a USD-based algorithmic stablecoin." This announcement comes shortly after the UAE revealed plans to launch its central bank digital currency (CBDC), the digital Dirham, in the fourth quarter of 2025.
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