Waves founder announces new stablecoin as USDN depegs

Sasha Ivanov, laminitis and CEO of the Waves blockchain platform, is readying to motorboat a caller stablecoin amid the ongoing situation of the Waves-backed stablecoin, Neutrino USD (USDN).

Ivanov took to Twitter connected Dec. 20 to announce the USDN concern solution program alongside a caller stablecoin project.

“I volition motorboat a caller stablecoin,” Waves laminitis wrote, adding that determination is going to beryllium a “USDN concern solution program acceptable successful question before.” He stressed that thing caller volition beryllium launched oregon announced until the USDC program solution is acceptable successful motion.

Without specifying the details connected the quality of the upcoming stablecoin, Ivanov promised that the stablecoin volition beryllium “undepeggable.” 

“The astir important happening is to marque radical full eventually, let's absorption connected that.”

Neutrino USD is an algorithmic crypto-collateralized stablecoin pegged to the United States dollar and backed by Waves. The USDN stablecoin has been struggling to support its 1:1 peg, losing the peg aggregate times successful 2022.

USDN saw the archetypal large crash successful aboriginal April 2022, with the stablecoin tumbling to $0.8. The tok has subsequently mislaid its peg respective times since, with the latest clang bringing USDN to arsenic debased arsenic $0.53. At the clip of writing, 1 USDN token is worthy $0.58, according to CoinGecko.

Neutrino USD (USDN) one-year terms chart. Source: CoinGecko

The quality comes amid the Waves (WAVES) cryptocurrency seeing a important driblet successful terms owed to the South Korean crypto speech authority, the Digital Asset eXchange Alliance (DAXA), issuing a informing connected WAVES connected Dec. 8. According to information from CoinGecko, WAVES has lost astir 30% of its worth since the DAXA released the warning.

Related: Japan recommends against algorithmic backing successful stablecoins

Waves subsequently pointed to “misinformation” disseminated by immoderate centralized exchanges that person been shorting the Waves token, contempt “no cardinal distress being contiguous successful the Waves Ecosystem.”

“The Waves squad responded to the baseless allegations rapidly and since past immoderate exchanges person begun to rotation backmost their restrictions,” Waves noted successful a blog post.

Waves did not instantly respond to Cointelegraph’s petition for comment.