Waves Founder brings new ‘Undepeggable’ Stablecoin

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Sasha Ivanov, founder of the Waves blockchain platform, has announced the development of a new stablecoin in the wake of the failure of the Waves-backed Neutrino Dollar (USDN) to maintain its peg. 

According to the tweet, Ivanov has stated that the new stablecoin will be “undepeggable.”

The Waves creator also stated that the “USDN situation resolution plan set in motion before” but didn’t specify what is the type of stablecoin and how soon this would happen.  

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He states

“It’s just it’s time to create a protocol more attuned to the current market conditions. It will be easier to stabilize usdn first and launch the new protocol after. So guys pls save your breath, waves is not going to zero lol.”

The move follows USDN, the Waves blockchain backed algorithmic stablecoin, which was de-pegged from the dollar multiple times earlier this year. CoinGecko reports that USDN has again dropped from its previous trading high.

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As a result, major South Korean exchanges raised the alarm against the WAVES coin, which was also under scrutiny for its price volatility.

The DAXA has recently begun looking into the platform. Upbit, Bithumb, Coinone, Korbit, and Gopax are the five largest cryptocurrency exchanges in South Korea, and together they form the Digital Asset Exchange Association (DAXA). 

Shortly after that, Waves provided assurances that it was assisting with the investigation in order to clear up “serious and obviously damaging misunderstandings” regarding the connection between the two coins. 

Waves has stated that USDN is not “intrinsically” related to the native coin, even though it leverages WAVES as collateral. 

New Stablecoins Coming in

The TrueUSD (TUSD) team has introduced a new stablecoin ‘TCNH’. This stablecoin’s value is directly proportional to that of the Offshore Chinese Yuan and is the most recent launch of a stablecoin.

Interestingly, in an attempt to regulate the stablecoin industry, Sen. Pat Toomey has introduced new crypto legislation that will guide congress on its future path toward sensible regulations of stablecoins.

 

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