March 22, 2023

BitMEX Co-Founder Proposes New Stablecoin Backed by Bitcoin Derivatives

Arthur Hayes, the co-founder of BitMEX, has proposed a new type of stablecoin called NakaDollar (NUSD), which would be backed by bitcoin and bitcoin derivatives. Unlike other stablecoins, NUSD would be created without the services of the traditional banking system. Hayes explained that the first step in developing NUSD would be to create a crypto-native decentralized autonomous organization (DAO). The DAO would issue its governance token NAKA, which would be distributed in exchange for the provision of liquidity across the decentralized finance (DeFi) ecosystem. The NAKA and NUSD tokens would be ERC-20 tokens, living on the Ethereum blockchain.

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