Dollar-Free Stablecoin Proposal from Arthur Hayes

Arthur Hayes, the co-founder of BitMEX, who came to the fore with his analyzes and explanations on Bitcoin (BTC) and altcoins, has now come up with a different suggestion. Noting that the US’s scrutiny of stablecoins has increased, Arthur Hayes proposed a stablecoin independent of the US dollar.

Presenting his idea in a blog post titled “Dust on Crust,” Hayes proposed creating a new stablecoin with a value of $1 USD pegged to Bitcoin. In this context, Hayes described his proposed project as the Satoshi Nakamoto Dollar (NUSD) or NakaDollar.

Clarifying this idea, Hayes said that unlike the largest stablecoins, such as Tether (USDT) and USD Coin (USDC), which have large reserve support and are pegged to the US dollar, NakaDollar does not have any USD reserves, but only derivatives exchanges that list liquid inverse perpetual swaps. suggested it be connected. Stating that the NakaDollar stablecoin creation process will be completely independent of USD movements that require the services of banks, the former BitMEX founder added that the proposed NUSD stablecoin will not be decentralized.

“Our goal here is to create a token that is worth 1 USD but does not require the services of the fiat banking system. The aim is not to create a decentralized fiat currency. I think what we need is a mechanism that allows you to lock in 1 USD worth of crypto to get a 1 USD worth of stablecoin.”

Finally, Hayes argued that instead of an AND dollar-pegged stablecoin, there should be a new BTC-focused stablecoin.