PANews reported on March 29 that according to Cointelegraph, Sonic Labs canceled its plan to launch an algorithmic stablecoin pegged to the US dollar and chose to develop an alternative stablecoin product denominated in the UAE dirham. Andre Cronje, co-founder of Sonic Labs, confirmed the news on the X platform and said: "We will no longer issue an algorithmic stablecoin pegged to the US dollar, but will issue an alternative related to the digital dirham, which is settled in US dollars but is definitely not an algorithmic stablecoin based on the US dollar."
It is reported that the UAE has previously announced that it will launch the central bank digital currency (CBDC) digital dirham in the fourth quarter of 2025.
