@cliv
According to Foresight News, Sonic Labs has canceled its plan to launch an algorithmic stablecoin pegged to the US dollar and chose to develop an alternative currency denominated in the United Arab Emirates dirham. Andre Cronje, co-founder of Sonic Labs, confirmed the news and said that it would issue a mathematically bound numerical dirham settled and denominated in US dollars instead of an algorithmic stablecoin based on the US dollar. The UAE plans to launch a digital dirham central bank digital currency (CBDC) in the fourth quarter of 2025.