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A new stablecoin, NakaDollar ($NUSD), has been proposed by Arthur Hayes that will rely upon derivatives exchanges that list liquid inverse perpetual swaps. This will allow creating a synthetic USD equivalent without using USD held in the fiat banking system or a stablecoin that exists in crypto.
The product is designed based on a simple relationship with Bitcoin. According to the proposal, 1 $NUSD will be equal to $1 of Bitcoin plus short 1 Bitcoin/USD inverse perpetual swap.
Arthur Hayes is the former CEO and co-founder of BitMEX, one of the world's largest cryptocurrency derivatives exchanges.
This relationship allows for creating a USD equivalent without encumbering more crypto collateral than it creates in fiat value, unlike MakerDAO. The NakaDollar would rely upon centralised crypto derivatives exchanges rather than hostile fiat banks to custody USD for tokenisation.
Arthur Hayes excluded decentralised derivative exchanges because they are nowhere near as liquid as their centralised counterparts, and their pricing oracles rely upon feeds from centralised spot exchanges.
To create the NakaDollar, an organisation will be created that exists both in the legacy legal system and as a crypto native DAO. The DAO will issue its own governance token, $NAKA, which will be distributed in exchange for providing liquidity across the DeFi ecosystem.
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