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Waves founder announces new stablecoin as USDN-Depegs

Waves founder announces new stablecoin as USDN-Depegs

#Waves #founder #announces #stablecoin #USDNDepegs Welcome to InNewCL, here is the new story we have for you today:

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Sasha Ivanov, founder and CEO of blockchain platform Waves, is planning to launch a new stablecoin amid the ongoing crisis of Waves-backed stablecoin Neutrino USD (USDN).

Ivanov took to Twitter on December 20 announce the USDN situation resolution plan alongside a new stablecoin project.

“I will be launching a new stablecoin,” the Waves founder wrote, adding that there will be a “USDN situational resolution plan that will be put in place beforehand.” He stressed that nothing new will be initiated or announced until resolution of the USDC plan is put in place.

Without giving the details about the nature of the upcoming stablecoin, Ivanov promised that the stablecoin will be undepeggable.

“The most important thing is to get people healthy in the end, let’s focus on that.”

Neutrino USD is an algorithmic crypto-backed stablecoin pegged to the US Dollar and backed by Waves. The USDN stablecoin struggled to maintain its 1:1 peg and lost the peg several times in 2022.

USDN experienced its first major crash in early April 2022 when the stablecoin dropped to $0.8. The tok has lost its peg multiple times since then, with the recent crash taking USDN as low as $0.53. At the time of writing, a USDN token is worth $0.58 according to CoinGecko.

Neutrino USD (USDN) annual chart. Source: CoinGecko

The news comes amid cryptocurrency Waves (WAVES), which has seen its price plummet amid South Korean cryptocurrency exchange regulator Digital Asset eXchange Alliance (DAXA), which issued a warning on WAVES on Dec. 8. According to data from CoinGecko, WAVES has lost around 30% of its value since the DAXA alert.

Related: Japan advises against algorithmic support in stablecoins

waves afterwards pointed on “misinformation” being circulated by some centralized exchanges that have shortened the Waves token, despite the fact that “there is no underlying distress in the Waves ecosystem.”

“The Waves team was quick to respond to the baseless allegations, and since then, a number of exchanges have begun reversing their restrictions,” Waves noted in a blog post.

Waves did not immediately respond to Cointelegraph’s request for comment.

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