Golden Finance reported that Sonic Labs canceled its plan to launch an algorithmic stablecoin pegged to the US dollar, and instead chose to develop an alternative currency denominated in UAE Dirhams. Sonic Labs co-founder Andre Cronje confirmed the relevant news and posted on social media: "We will no longer issue algorithmic stablecoins based on the US dollar, but will issue mathematically bound numerical dirhams settled and denominated in US dollars. This is definitely not an algorithmic stablecoin based on the US dollar." Not long ago, the UAE announced that it will launch the digital dirham central bank digital currency (CBDC) in the fourth quarter of 2025.