Startup Ethena picked up on the crypto visionary's idea for a stablecoin that is fully collateralized, yet independent of the traditional financial system. The project has already received funding and onboarded a motivated team.

Arthur Hayes, the co-founder and former CEO of crypto exchange BitMEX, criticized both custodian and decentralized stablecoins and proposed a new stablecoin called the Satoshi Nakamoto Dollar, or NakaDollar (NUSD). Unlike existing stablecoins, NUSD would be supported only by Bitcoin.