Sasha Ivanov, the founder of the Waves blockchain platform, has announced plans to launch a new stablecoin due to the failure of Waves-backed Neutrino Dollar (USDN) in securing its peg.
According to the update via Twitter, Ivanov made bold claims that the new stablecoin would be “undepeggable.”
The Waves founder also disclosed that a “USDN situation resolution plan will be set in motion before” but no details were provided concerning the timeline.
The nature of the upcoming stablecoin is also hidden for now.
This announcement is coming after USDN, the algorithmic stablecoin which is backed by the Waves blockchain ecosystem, de-pegged several times from the dollar earlier this year.
Based on data collated from CoinGecko, USDN is currently trading at $0.51 after undergoing a fresh decline.
This prompted top South Korean exchanges to issue a warning against the WAVES token, which has come under scrutiny for constant fluctuation in its value.
The Digital Asset Exchange Association (DAXA), consisting of the five major crypto exchanges (Upbit, Korbit, Coinone, Bithumb, and Gopax) in South Korea, has launched an investigation against the platform.
Shortly after, Waves gave out the assurance that it was cooperating with the investigation to avoid “serious and damaging misunderstandings” of the relationship between the two tokens.
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