As USDN Faced a Depeg, Founder of Waves has announced a New Stablecoin


Sasha Ivanov has announced that they are planning to come up with a new stablecoin. He has announced that they have decided to work on the development of a new stablecoin.

Sasha Ivanov is a prominent figure in the cryptocurrency industry for being the CEO and founder of a blockchain platform. The name of the blockchain is Waves.

Why Work on a New Stablecoin?

This is not going to be the first time Ivanov will be working on the development of a new stablecoin through the Waves blockchain.

The same blockchain has been backing Neutrino USD (USDN) and due to the recent market downtrends, it has faced a major downtrend.

The USDN is currently facing a crisis of a depeg and Ivanov wants to fix the problem with the launch of a new token.

Ivanov’s December 20 Announcement

It was on December 20, when Ivanov made an announcement through his Twitter account about the situation of the USDN.

He addressed the depeg faced by the USDCN and announced that they are working on a solution to fix the problem once and for all.

He stated that while they are working tirelessly to deal with the depeg of the stablecoin, they are also working on a new stablecoin project.

Ivanov has made it clear that they are currently focused on the resolution of the USDN problem. Until they are done fixing the problem, they will not issue or launch anything new from their blockchain.

They want to invest all their resources toward the resolution plan for USDN and then move on to other agendas.

He further talked about the new stablecoin stating that he promises that the new token will never depeg. He provided information for the development of the stablecoin.

As per him, they are going to introduce a hybrid that will be between an algorithmic stablecoin. They will launch the new stablecoin using the DAO technology.

He clarified that they are planning to launch the new stablecoin through the Waves blockchain.

The reason for sticking with the same Waves blockchain is that only their network is native to the technology on which the new stablecoin will be based.

The demise of the USDN

Ivanov came clear about the demise of the USDN. He stated that the technology going behind the development of the USDN stablecoin is not native to the current market conditions.

This is the reason why the stablecoin has ended up facing a downtrend by losing its dollar peg. They are currently trying to come up with a resolution pertaining to the same problem so the USDN does not lose its peg again.