Sasha Ivanov, announced plans to introduce a new stablecoin after the Waves-backed Neutrino Dollar (USDN) failed to maintain its stability. Ivanov assured in his Twitter update that the new stablecoin will be undepeggable. The creator of Waves also stated that the previously activated USDN crisis resolution strategy will also be in effect. But he did not mention any date for this.
Undepeggable Stablecoin Announcement
Ivanov‘s announcement comes after the algorithmic stablecoin USDN, powered by the Waves blockchain ecosystem, experienced several de-pegged earlier this year. Data from CoinGecko shows that USDN is currently trading at $0.51 after experiencing a new fall.
On the other hand, leading South Korean exchanges responded by issuing a warning about the WAVES cryptocurrency, which has also come under scrutiny due to price fluctuations. An investigation has been launched against the platform by the South Korean cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax, which make up the Digital Asset Exchange Association (DAXA). Waves soon stated that the investigation will help clear up serious and devastating misunderstandings about the link between the two tokens.
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