CZ binance gave a statement last month on the issue affecting crypto industry which is associated to U.S dollar peg use, in his statement he highlighted the need for crypto space to start looking for alternative dollar peg as U.S dollar pegging seems unfriendly for crypto adoption due to regulation policies following action of dollar de-pegged stablecoin BUSD issued by Paxos.
The crypto industry will “probably” start using euro, yen, or Singapore dollar-based stablecoins in the future, reducing its reliance on United States dollar-based stablecoins, according to Binance CEO Changpeng Zhao, also known as CZ.
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One thing the crypto industry has been known for is it resilience to stay strong against all odds from regulatory agencies with U.S government stance on the use of U.S dollar de-peg the crypto industry is forced hence to look for other alternative making it plan for crypto users that there isn't much support by the U.S finance on what cryptocurrencies are building, with major force on the use of stablecoin out of U.S little chances will be U.S impact in determining how crypto should be used for stablecoin transactions.
Proposed bitcoin stablecoin
While U.S regulators are introducing more scrutinised ideas to regulate the use of stablecoin developers are pitching more ideas on how to stay independent of U.S dollar pegging, Arthur Hayes Co-founder and former CEO of BitMex proposed an idea that will introduce a stablecoin peg 1:1 to bitcoin value. The new Nakamoto dollar (NUSD) will be equivalent to $1 sum worth of (BTC), there's is a bunch of explanation on how NUSD is going to operate Arthur share his idea in a blog titled Dust on Crust read through the blog post to understand his principle idea how NUSD will be peg 1:1 to bitcoin.
Could this be a game changer?
From regulatory point of view this would be a very good idea if well implemented, there are unforeseen challenges with algorithm stablecoin although Arthur stated in his blog this wouldn't be another algorithm stablecoin that saves investors of quick de-pegging issue in value, based on my views NUSD is a good idea, with absolute transparency on how it will operate more investors will be willing to embrace this new initiative.