{"id":561401,"date":"2023-03-09T11:23:21","date_gmt":"2023-03-09T08:23:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitmex-co-founder-arthur-hayes-proposes-bitcoin-based-stablecoin\/"},"modified":"2023-03-09T11:23:21","modified_gmt":"2023-03-09T08:23:21","slug":"bitmex-co-founder-arthur-hayes-proposes-bitcoin-based-stablecoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitmex-co-founder-arthur-hayes-proposes-bitcoin-based-stablecoin\/","title":{"rendered":"# BitMEX co-founder Arthur Hayes proposes Bitcoin-based stablecoin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a245dd2dd3ea\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a245dd2dd3ea\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitmex-co-founder-arthur-hayes-proposes-bitcoin-based-stablecoin\/#%E2%80%9D_BitMEX_co-founder_Arthur_Hayes_proposes_Bitcoin-based_stablecoin_%E2%80%9C\" >&#8221; BitMEX co-founder Arthur Hayes proposes Bitcoin-based stablecoin &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BitMEX_co-founder_Arthur_Hayes_proposes_Bitcoin-based_stablecoin_%E2%80%9C\"><\/span>&#8221; BitMEX co-founder Arthur Hayes proposes Bitcoin-based stablecoin &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMWNlNzBiN2EtNjM4ZS00ZmYxLWJjYmEtMDY4OGUyMGY1YjhhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Amid the United States regulators increasingly scrutinizing stablecoins, the community continues to pitch new ideas of stablecoins independent from the U.S. dollar.<\/p>\n<p>Arthur Hayes, co-founder and former CEO of BitMEX cryptocurrency exchange, has proposed creating a new stablecoin with a value pegged to the sum of $1 worth of Bitcoin (BTC) and one inverse perpetual swap of BTC against USD. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.bitmex.com\/dust-on-crust\/\">outlined<\/a> the idea of the potential Satoshi Nakamoto Dollar (NUSD), or NakaDollar, in a blog post titled \u201cDust on Crust\u201d on March 8.<\/p>\n<p>Unlike major reserve-backed USD stablecoins like Tether (USDT) and USD Coin (USDC), the proposed NakaDollar will not depend on any USD reserves but will rely solely upon derivatives exchanges that list liquid inverse perpetual swaps, Hayes said.<\/p>\n<p>The proposed stablecoin is planned to be based specifically on a set of short BTC positions and USD inverse perpetual swaps, maintaining its 1:1 peg to USD via mathematical transactions between the new decentralized autonomous organization (DAO), NakaDAO, authorized participants (AP) and derivatives exchanges.<\/p>\n<p>The process of creating the NakaDollar stablecoin will be entirely free from any movements of USD, which require the services of banks, Hayes stated. He still noted that the proposed NUSD stablecoin will not be really decentralized, adding:<\/p>\n<blockquote><p>\u201cThe points of failure in the NakaDollar solution would be centralized crypto derivatives exchanges. I excluded decentralized derivative exchanges because they are nowhere near as liquid as their centralized counterparts [&#8230;]\u201d<\/p><\/blockquote>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> comes amid the owner of Silvergate Bank, a major cryptocurrency-enabled bank in the United States, shutting operations and liquidating business amid the ongoing market downturn. The shutdown came quickly after the New York Department of Financial Services abruptly ordered Paxos Trust to stop the issuance of BUSD, one of the largest USD stablecoins on the market. As previously reported, Paxos held deposits in a few banks, including Silvergate and Signature crypto bank.<\/p>\n<p><strong><em>Related: \u200b\u200b<\/em><\/strong><strong><em>Stablecoins and Ether are \u2018going to be commodities,\u2019 reaffirms CFTC chair<\/em><\/strong><\/p>\n<p>Hayes is not alone in considering USD-independent stablecoins amid the ongoing pressure from regulators. In February, Binance CEO Changpeng Zhao suggested that the cryptocurrency industry will likely move to other fiat currencies as a base for stablecoins, including euro, yen, or Singapore dollars.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitmex-co-founder-arthur-hayes-proposes-bitcoin-based-stablecoin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BitMEX co-founder Arthur Hayes proposes Bitcoin-based stablecoin &#8220; Amid the United States regulators increasingly scrutinizing stablecoins, the community continues to pitch new ideas of stablecoins independent from the U.S. dollar. Arthur Hayes, co-founder and former CEO of BitMEX cryptocurrency exchange, has proposed creating a new stablecoin with a value pegged to the sum of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":561402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/1ce70b7a-638e-4ff1-bcba-0688e20f5b8a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[82304,74862,74993,76642,75493,70934],"class_list":["post-561401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-arthur-hayes","tag-bitcoin","tag-bitmex","tag-satoshi-nakamoto","tag-stablecoin","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561401"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561402"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}