{"id":39304,"date":"2025-03-29T19:30:08","date_gmt":"2025-03-29T16:30:08","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=39304"},"modified":"2025-03-29T17:20:09","modified_gmt":"2025-03-29T14:20:09","slug":"sonic-labs-ditches-usd-for-a-dirham-backed-alternative","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/","title":{"rendered":"Sonic Labs Ditches USD for a Dirham-Backed Alternative"},"content":{"rendered":"<p><a href=\"https:\/\/coinengineer.net\/blog\/market-crash-liquidates-investors-how-much-was-the-liquidation-amount\/\"><strong>Sonic Labs<\/strong> <\/a>drops algorithmic <strong>USD stablecoin<\/strong> for a dirham-backed alternative ahead of<strong> UAE&#8217;s digital currency <\/strong>launch.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#Sonic_Labs_Rejects_Algorithmic_USD_Stablecoin_Plans_Develops_Dirham-Backed_Alternative\" title=\"Sonic Labs Rejects Algorithmic USD Stablecoin Plans: Develops Dirham-Backed Alternative\">Sonic Labs Rejects Algorithmic USD Stablecoin Plans: Develops Dirham-Backed Alternative<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#Strategy_Shift_and_New_Roadmap\" title=\"Strategy Shift and New Roadmap\">Strategy Shift and New Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#Digital_Dirham_and_Financial_Stability\" title=\"Digital Dirham and Financial Stability\">Digital Dirham and Financial Stability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#Sonic_Labs_Faced_Criticism_Over_Algorithmic_Stablecoins\" title=\"Sonic Labs Faced Criticism Over Algorithmic Stablecoins\">Sonic Labs Faced Criticism Over Algorithmic Stablecoins<\/a><\/li><\/ul><\/nav><\/div>\n<h2 data-start=\"0\" data-end=\"93\"><span class=\"ez-toc-section\" id=\"Sonic_Labs_Rejects_Algorithmic_USD_Stablecoin_Plans_Develops_Dirham-Backed_Alternative\"><\/span>Sonic Labs Rejects Algorithmic USD Stablecoin Plans: Develops Dirham-Backed Alternative<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"\" data-start=\"95\" data-end=\"276\">Sonic Labs has <strong data-start=\"110\" data-end=\"132\">canceled its plans<\/strong> to launch a <strong data-start=\"145\" data-end=\"188\">US dollar-pegged algorithmic stablecoin<\/strong>, opting instead to develop a <strong data-start=\"218\" data-end=\"273\">United Arab Emirates (UAE) dirham-based alternative<\/strong>.<\/p>\n<h2 data-start=\"278\" data-end=\"318\"><span class=\"ez-toc-section\" id=\"Strategy_Shift_and_New_Roadmap\"><\/span>Strategy Shift and New Roadmap<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"\" data-start=\"320\" data-end=\"560\">Sonic Labs co-founder <strong data-start=\"342\" data-end=\"358\">Andre Cronje<\/strong> stated on <strong data-start=\"369\" data-end=\"381\">March 22<\/strong> that the company was working on an <strong data-start=\"417\" data-end=\"443\">algorithmic stablecoin<\/strong> with an <strong data-start=\"452\" data-end=\"497\">annual percentage rate (APR) of up to 23%<\/strong>. However, a week later, the company <strong data-start=\"534\" data-end=\"557\">abandoned this plan<\/strong>.<\/p>\n<p class=\"\" data-start=\"562\" data-end=\"873\">On <strong data-start=\"565\" data-end=\"577\">March 28<\/strong>, Cronje posted on X:<\/p>\n<blockquote>\n<p class=\"\" data-start=\"562\" data-end=\"873\">&#8220;We will no longer be releasing a <strong data-start=\"636\" data-end=\"672\">USD-based algorithmic stablecoin<\/strong>. Completely unrelated, we will be releasing a <strong data-start=\"719\" data-end=\"760\">mathematically bound numerical Dirham<\/strong>, which is <strong data-start=\"771\" data-end=\"805\">settled and denominated in USD<\/strong>. This is <strong data-start=\"815\" data-end=\"868\">definitely not a USD-based algorithmic stablecoin<\/strong>.&#8221;<\/p>\n<\/blockquote>\n<p class=\"\" data-start=\"875\" data-end=\"1037\">This <strong data-start=\"880\" data-end=\"899\">strategic shift<\/strong> comes shortly after the <strong data-start=\"924\" data-end=\"944\">UAE Central Bank<\/strong> announced plans to launch its <strong data-start=\"975\" data-end=\"1000\">digital dirham (CBDC)<\/strong> in the <strong data-start=\"1008\" data-end=\"1034\">fourth quarter of 2025<\/strong>.<\/p>\n<h2 data-start=\"1039\" data-end=\"1087\"><span class=\"ez-toc-section\" id=\"Digital_Dirham_and_Financial_Stability\"><\/span>Digital Dirham and Financial Stability<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"\" data-start=\"1089\" data-end=\"1389\">UAE Central Bank Governor<strong data-start=\"1089\" data-end=\"1140\"> Khaled Mohamed Balama<\/strong> stated that the <strong data-start=\"1157\" data-end=\"1192\">blockchain-based digital dirham<\/strong> would <strong data-start=\"1199\" data-end=\"1230\">enhance financial stability<\/strong> and contribute to <strong data-start=\"1249\" data-end=\"1278\">combating financial crime<\/strong>. The <strong data-start=\"1284\" data-end=\"1304\">digital currency<\/strong> will be accepted across <strong data-start=\"1329\" data-end=\"1353\">all payment channels<\/strong> alongside <strong data-start=\"1364\" data-end=\"1386\">physical banknotes<\/strong>.<\/p>\n<h2 data-start=\"1391\" data-end=\"1456\"><span class=\"ez-toc-section\" id=\"Sonic_Labs_Faced_Criticism_Over_Algorithmic_Stablecoins\"><\/span>Sonic Labs Faced Criticism Over Algorithmic Stablecoins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"\" data-start=\"1458\" data-end=\"1603\">Sonic Labs\u2019 initial plans for an <strong data-start=\"1491\" data-end=\"1517\">algorithmic stablecoin<\/strong> faced <strong data-start=\"1524\" data-end=\"1545\">intense criticism<\/strong> due to the <strong data-start=\"1557\" data-end=\"1600\">collapse of the Terra ecosystem in 2022<\/strong>.<\/p>\n<p class=\"\" data-start=\"1605\" data-end=\"1765\"><strong data-start=\"1605\" data-end=\"1621\">Andre Cronje<\/strong> admitted that these models posed risks, even stating that he suffered from <strong data-start=\"1697\" data-end=\"1738\">post-traumatic stress disorder (PTSD)<\/strong> due to past experiences:<\/p>\n<blockquote>\n<p class=\"\" data-start=\"1767\" data-end=\"1933\">&#8220;I\u2019m pretty sure our team cracked <strong data-start=\"1802\" data-end=\"1829\">algorithmic stablecoins<\/strong> today, but the previous cycle gave me so much <strong data-start=\"1876\" data-end=\"1884\">PTSD<\/strong> that I\u2019m not sure if we should implement it.&#8221;<\/p>\n<\/blockquote>\n<p class=\"\" data-start=\"1935\" data-end=\"2294\">In <strong data-start=\"1938\" data-end=\"1950\">May 2022<\/strong>, the <strong data-start=\"1956\" data-end=\"1987\">$40 billion Terra ecosystem<\/strong> <strong data-start=\"1988\" data-end=\"2001\">collapsed<\/strong>, shaking confidence in the <strong data-start=\"2029\" data-end=\"2061\">algorithmic stablecoin model<\/strong>. <strong data-start=\"2063\" data-end=\"2090\">Terra\u2019s stablecoin, UST<\/strong>, was yielding <strong data-start=\"2105\" data-end=\"2126\">over 20% interest<\/strong> through <strong data-start=\"2135\" data-end=\"2154\">Anchor Protocol<\/strong> before <strong data-start=\"2162\" data-end=\"2180\">losing its peg<\/strong> and plummeting to <strong data-start=\"2199\" data-end=\"2208\">$0.30<\/strong>. <strong data-start=\"2210\" data-end=\"2228\">Terraform Labs<\/strong> co-founder <strong data-start=\"2240\" data-end=\"2251\">Do Kwon<\/strong> was forced to propose a <strong data-start=\"2276\" data-end=\"2291\">rescue plan<\/strong>.<\/p>\n<p class=\"\" data-start=\"2296\" data-end=\"2391\">During this collapse, <strong data-start=\"2318\" data-end=\"2326\">LUNA<\/strong> fell from <strong data-start=\"2337\" data-end=\"2354\">$120 to $0.84<\/strong>, losing <strong data-start=\"2363\" data-end=\"2388\">over 98% of its value<\/strong>.<\/p>\n<p class=\"\" data-start=\"2393\" data-end=\"2568\">These shifts in the <strong data-start=\"2413\" data-end=\"2437\">stablecoin ecosystem<\/strong>, combined with <strong data-start=\"2453\" data-end=\"2484\">Sonic Labs\u2019 strategy change<\/strong> and the <strong data-start=\"2493\" data-end=\"2530\">UAE\u2019s digital currency initiative<\/strong>, signal a <strong data-start=\"2541\" data-end=\"2567\">new era for the market<\/strong>.<\/p>\n<hr \/>\n<p class=\"\" data-start=\"2393\" data-end=\"2568\"><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>Telegram<\/strong>,\u00a0<\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>YouTube,<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sonic Labs drops algorithmic USD stablecoin for a dirham-backed alternative ahead of UAE&#8217;s digital currency launch. Sonic Labs Rejects Algorithmic USD Stablecoin Plans: Develops Dirham-Backed Alternative Sonic Labs has canceled its plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates (UAE) dirham-based alternative. Strategy Shift and New Roadmap<\/p>\n","protected":false},"author":29,"featured_media":39306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[13701,13703,13702,5359],"class_list":["post-39304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-sonic-labs","tag-sonic-labs-dirham","tag-sonic-labs-usd-stablecoin","tag-uae"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sonic Labs Ditches USD for a Dirham-Backed Alternative - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sonic Labs Ditches USD for a Dirham-Backed Alternative - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Sonic Labs drops algorithmic USD stablecoin for a dirham-backed alternative ahead of UAE&#8217;s digital currency launch. Sonic Labs Rejects Algorithmic USD Stablecoin Plans: Develops Dirham-Backed Alternative Sonic Labs has canceled its plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates (UAE) dirham-based alternative. 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Sonic Labs Rejects Algorithmic USD Stablecoin Plans: Develops Dirham-Backed Alternative Sonic Labs has canceled its plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates (UAE) dirham-based alternative. Strategy Shift and New Roadmap","og_url":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/","og_site_name":"Coin Engineer","article_published_time":"2025-03-29T16:30:08+00:00","article_modified_time":"2025-03-29T14:20:09+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/03\/sonic_ce.jpg","type":"image\/jpeg"}],"author":"Emre Yumlu","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Emre Yumlu","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/","url":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/","name":"Sonic Labs Ditches USD for a Dirham-Backed Alternative - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/03\/sonic_ce.jpg","datePublished":"2025-03-29T16:30:08+00:00","dateModified":"2025-03-29T14:20:09+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/f99e7d0d5039cb3b36bd759a12c1216c"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/03\/sonic_ce.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/03\/sonic_ce.jpg","width":1920,"height":1080,"caption":"sonic labs"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/sonic-labs-ditches-usd-for-a-dirham-backed-alternative\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Sonic Labs Ditches USD for a Dirham-Backed Alternative"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/f99e7d0d5039cb3b36bd759a12c1216c","name":"Emre Yumlu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3618e7041e2880ae9fdfeec9b77592ba6e9417ff89cfe4db07e0d1687a477d7b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3618e7041e2880ae9fdfeec9b77592ba6e9417ff89cfe4db07e0d1687a477d7b?s=96&d=mm&r=g","caption":"Emre Yumlu"},"url":"https:\/\/coinengineer.net\/blog\/author\/ceemre\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/39304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=39304"}],"version-history":[{"count":4,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/39304\/revisions"}],"predecessor-version":[{"id":39309,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/39304\/revisions\/39309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/39306"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=39304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=39304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=39304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}