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Waves Founder Announces New Stablecoin As USDN Depegs

Sasha Ivanov, founder and CEO of the Waves blockchain platform, is planning to launch a new stablecoin amid the ongoing crisis of the Waves-backed stablecoin, Neutrino USD (USDN).

Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan alongside a new stablecoin project.

Neutrino USD is an algorithmic crypto-collateralized stablecoin pegged to the United States dollar and backed by Waves. The USDN stablecoin has been struggling to maintain its 1:1 peg, losing the peg multiple times in 2022.

USDN saw the first major crash in early April 2022, with the stablecoin tumbling to $0.8. The tok has subsequently lost its peg several times since, with the latest crash bringing USDN to as low as $0.53. At the time of writing, one USDN token is worth $0.58, according to CoinGecko.

(by Helen Partz)

Neutrino Index Neutrino Index $0.03
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