Sonic Labs Alters Stablecoin Launch Plans

Instead of a dollar-based algorithmic stablecoin, developers at Sonic Labs plan to launch a “mathematically bound numerical Dirham,” according to the company’s head, Andre Cronje.

We will no longer be releasing a USD based algorithmic stable coin.

Completely unrelated, we will be releasing a mathematically bound numerical Dirham which is settled and denominated in USD, which is definitely not a USD based algorithmic stable coin. https://t.co/NlLsT5IqoE

— Andre Cronje (@AndreCronjeTech) March 28, 2025

According to him, the new product is “definitely not a USD based algorithmic stablecoin.”

The decision to change course was influenced by the draft of the US bill STABLE Act, which proposes a two-year moratorium on the launch of new “endogenously collateralized” assets.

Meanwhile, the UAE government announced plans to launch a blockchain version of the national currency, the Dirham, by the end of 2025. It is unknown whether Sonic Labs developers are involved in this project.

Back in March, Cronje announced plans to launch a dollar-based algorithmic stablecoin. At that time, the creators were left to scale the system and prepare for a full release.

Earlier, journalists reported on Fidelity’s plans to launch its own stablecoin.