Waves founder announces new stablecoin to replace USDN

This will happen after the problem with the depegging of the algorithmic stablecoin Neutrino USD from the dollar is solved

20.12.2022 - 12:00

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What’s new? Waves blockchain network founder Alexander Ivanov has announced the launch of a new stablecoin. This will happen after the problem with the depegging of the algorithmic stablecoin Neutrino USD (USDN) from the dollar is solved. Ivanov did not name a launch date but promised that the new coin will be more stable and will not lose parity to fiat currency. As of December 20, 12:20 UTC, Waves-based USDN has not recovered and is trading at $0,579, having gained 1% in 24 hours. Meanwhile, the blockchain’s native token, WAVES, is worth $1,6 (+1,9%), according to Binance.

Two things:- I will launch a new stable coin- There's gonna be a $USDN situation resolution plan set in motion before. — Sasha.waves (@sasha35625) December 20, 2022

What is known about the projects? The platform launched in 2016 and uses the Leased Proof of Stake (LPoS) consensus algorithm. Waves is used to issue tokens and conduct crowdfunding campaigns. The WAVES token is used as collateral for USDN. Neutrino USD is released in 2019 on the Waves blockchain with the Proof-of-Stake (PoS) consensus algorithm and is fully backed by WAVES coins. Based on the Neutrino protocol, it is possible to create stablecoins tied to real assets, such as national currencies or commodities.

In December, Waves representatives said that USDN is not internally linked to the network’s native token and is a separate project that uses WAVES coins as collateral. The team’s statement comes as the Digital Asset eXchange Association (DAXA) of South Korea warned of the dangers of investing in WAVES on December 8, following another USDN depegging. Following that, the local exchange Upbit began a review of the asset, the outcome of which could be its delisting.

Ivanov also noted the need to issue an asset that is more resistant to current market conditions. At the same time, he assured that the Waves project is not expected to collapse, as well as USDN.

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