Internet reports that Sonic Labs canceled plans to launch an algorithmic stablecoin pegged to the US dollar and instead chose to develop an alternative currency denominated in the United Arab Emirates dirhams. Andre Cronje, co-founder of Sonic Labs, confirmed the relevant news and posted on social media: "We will no longer issue algorithmic stablecoins based on US dollars, but will issue mathematically bound numeric dirhams settled and priced in US dollars. This is definitely not a dollar-based algorithmic stablecoin." Not long ago, the United Arab Emirates announced that it would launch the Digital Dirham Central Bank Digital Currency (CBDC) in the fourth quarter of 2025.