Bitmex Co-Founder Calls For A Bitcoin-Based Stablecoin
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Loading... - Mia Vergara
- 10 Mar 2023
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Former CEO and co-founder of BitMex crypto exchange Arthur Hayes proposed a new stablecoin design with a value pegged to Bitcoin. He called it Satoshi Nakamoto Dollar (NUSD) or NakaDollar.
The crypto community continues supporting stablecoins despite several misgivings among global regulators and central banks. However, the vast majority of stablecoins are pegged to fiat currencies.
This new stablecoin aims to stand independently and buck any movement of the U.S. dollar. This proposal comes amid increased stablecoin scrutiny among United States regulators.
According to Hayes’ proposal, the new stablecoin will be pegged to bitcoin instead of USD. Its value will peg to $1 worth of Bitcoin and one inverse perpetual swap of Bitcoin against the US dollar. In a blog post titled “Dust on Crust,” Hayes explained why he proposed the Satoshi Nakamoto Dollar (NUSD).
In contrast with several reserved-backed USD-pegged stablecoins like USDC and USDT, the Hayes-proposed NakaDolla will not depend on USD reserves. It will rely solely upon derivatives exchanges with liquid inverse perpetual swaps on their platforms. Read More..
