NakaDollar: Arthur Hayes Proposes New Stablecoin to Stand Independently from USD

• Arthur Hayes proposed a new stablecoin design with a value pegged to Bitcoin, called the Satoshi Nakamoto Dollar (NUSD) or NakaDollar.
• The crypto community continues to support stablecoins despite criticism from global regulators and central banks.
• This proposal comes amid increased scrutiny of stablecoins among US regulators, with NakaDollar not relying on USD reserves and aiming to stand independently from movements of the US dollar.

Arthur Hayes Proposes New Stablecoin Design

Former CEO and co-founder of BitMex crypto exchange Arthur Hayes has proposed a new stablecoin design with a value pegged to Bitcoin. Dubbed the Satoshi Nakamoto Dollar (NUSD) or NakaDollar, this crypto asset is aimed at standing independently and buck any movement of the U.S. dollar.

Support for Stablecoins Despite Criticism

The crypto community continues to show their support for stablecoins despite several misgivings among global regulators and central banks. However, most existing stablecoins are currently pegged to fiat currencies, meaning that they rely on USD reserves in order to maintain their value stability.

Increased Stablecoin Scrutiny Among US Regulators

This proposal from Hayes comes amid increased scrutiny of these digital assets by United States regulators due to its growing popularity within the industry. His proposed NakaDolla will not depend on USD reserves as it will be based directly on short BTC positions and USD inverse perpetual swaps instead. This means that it will maintain its 1:1 peg with the US dollar through transactions between participants and authorized derivatives exchanges according to its own decentralized autonomous organization, NakaDAO.

Breaking Away From Fiat Banks

Creating this new stablecoin would also mean that it is completely independent from any movements related to fiat currencies which requires bank services or transfers of the US dollars into cryptocurrencies when needed. In other words, there would be no connection between these two assets whatsoever if this project sees fruition in coming days or months ahead as planned by Hayes himself.

Crypto Industry Seeks Alternatives To USD-Pegged Stablecoins

Due to all these reasons mentioned above, along with some other factors such as increasing costs associated with using banking services for trading activities in fiat currencies, more members of the crypto industry are seeking alternatives like the NakaDolla which could potentially remove them from reliance upon USD-pegged assets altogether in future days ahead when this project sees fruition finally after rounds of discussions & debates amongst stakeholders involved in it’s formation process at present times currently underway presently right now today!