Sonic Labs ditch algorithmic USD stablecoin for UAE dirham alternative

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 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...