BlockBeats News, March 29, according to Cointelegraph, Sonic Labs has canceled its plan to launch an algorithmic stablecoin pegged to the US dollar, instead choosing to develop an alternative stablecoin product denominated in UAE Dirhams. Sonic Labs co-founder Andre Cronje confirmed the news on the X platform, stating: "We will no longer issue an algorithmic stablecoin pegged to the US dollar, but will instead issue an alternative related to the digital Dirham, which is settled in US dollars but is definitely not an algorithmic stablecoin based on the US dollar." It is reported that the UAE had previously announced the launch of a central bank digital currency (CBDC) digital Dirham in the fourth quarter of 2025.