The proposed stablecoin, the Satoshi Nakamoto Dollar, aims to be entirely free from any movements of USD, which require banking services. 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 $1 worth of Bitcoin and one inverse perpetual swap of BTC against USD.