Sasha Ivanov, the founder of Waves, a decentralized and open-source blockchain platform, has announced plans to unveil a new stablecoin.
Ivanov announced on Twitter on Tuesday, stating that he will be introducing the new coin, which he promised will be “undepeggable,” after providing a plan to stabilize USDN, the algorithmic, dollar-pegged cryptocurrency of the Waves ecosystem.
The USDN stablecoin is backed by WAVES, the native token of the Waves blockchain. To mint USDN, users must lock in their WAVES through the Neutrino protocol. This process involves depositing WAVES into the Neutrino protocol in exchange for a corresponding amount of USDN. On the other hand, redeeming USDN involves taking it out of circulation and unlocking the corresponding amount of WAVES.
Ivanov did not provide further details or a timeline for introducing the new stablecoin. However, his announcement has garnered significant attention within the cryptocurrency community.
Stablecoins have gained popularity in reducing volatility in the cryptocurrency market and offer a more stable means of storing and transferring value. Several merchants and businesses have also adopted them to facilitate transactions in a more stable environment.
Ivanov’s announcement comes as the cryptocurrency market expands and evolves, with new technologies and innovations being developed and introduced regularly. As the market evolves, stablecoins will likely play a significant role in the wider ecosystem.
Earlier today, data from CoinGecko showed that the value of the stablecoin fell to $0.53. This significant drop in value has likely caused concern for those who hold the stablecoin as an investment or use it for financial transactions.
Finally, It will be interesting to see what Ivanov has in store with his new stablecoin and how the market will receive it. With Ivanov’s track record of success in cryptocurrency, his new stablecoin will likely be closely watched by industry experts and investors alike.
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