Sonic Labs ditch algorithmic USD stablecoin for UAE dirham alternative

Sonic Labs scraps its algorithmic stablecoin and pivots to a dirham-based alternative, aligning with UAE’s digital currency rollout in late 2025.

Sonic Labs has canceled plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a United Arab Emirates dirham-denominated alternative.

On March 22, Sonic Labs co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual percentage rate (APR) of up to 23%, Cointelegraph reported.

However, one week later, the firm reversed course.

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