February 3, 2023

Waves Founder Unveils New ‘Undepeggable’ Stablecoin Amidst USDN Crisis

Waves Founder Unveils New 'Undepeggable' Stablecoin Amidst USDN Crisis

Waves blockchain platform founder, Sasha Ivanov, announced plans to launch a new stablecoin as Waves-backed Neutrino Dollar (USDN) failed to secure its peg.

As per the Twitter update, Ivanov vowed that the new stablecoin would be “undepeggable.”

  • The Waves founder also revealed that there will be a “USDN situation resolution plan set in motion before” but provided no details with regard to the timeline.

“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 nature of the upcoming stablecoin has also not been revealed.
  • The announcement comes after USDN, the algorithmic stablecoin backed by the Waves blockchain ecosystem, de-pegged from the dollar several times earlier this year. According to data from CoinGecko, USDN is currently trading at $0.51 after registering a fresh decline.
  • This prompted top South Korean exchanges to issue a warning against the WAVES token, which also came under the scanner for fluctuation in its value.
  • The Digital Asset Exchange Association (DAXA), which consists of the five major crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) in South Korea, launched an investigation against the platform.
  • Shortly thereafter, Waves assured that it was cooperating with the investigation to alleviate “serious and obviously damaging misunderstandings” of the relationship between the two tokens.
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