The new stablecoin that is being proposed is called Babel Recovery Coin. The plan is for the coin to maintain a $1 price in the market through a system of trading incentives, and backing by bitcoin (BTC) and ethereum (ETH).
The new coin has been proposed by Babel Finance’s co-founder Yang Zhou, who is now the sole director of the Singapore-based company, as a way to repay creditors while giving the company a chance to continue operating.
The news of the recovery plan was first reported on by Bloomberg, and later discussed by the crypto community on Twitter, where one user ridiculed the proposal as an attempt to “make it all back in one trade:”