Former BitMEX CEO Arthur Hayes has proposed a stablecoin that aims to be completely independent of the U.S. dollar.

The proposed Satoshi Nakamoto Dollar, or NakaDollar (NUSD), would be backed by $1 worth of bitcoin and bitcoin derivatives, which would hypothetically provide stability to the token if accepted and used by crypto exchanges.

As regulators in the United States intensely scrutinize stablecoins, members of the crypto community continue sharing ideas for stablecoins that are fully free from any moves of the U.S. dollar.

In a March 8 blog post titled “Dust on Crust”, BitMEX co-founder Arthur Hayes suggested creating a stablecoin dubbed NakaDollar, whose value is pegged to the sum of $1 worth of bitcoin and 1x short of a bitcoin perpetual future.