The Sonic (S) community has approved a $150 million token issuance to expand into the US.
According to The Block, the Sonic (S) community, formerly known as Fantom, has approved Sonic Labs’ $150 million token issuance proposal to expand into the US market.
The August 20 proposal, titled “US Expansion and Traditional Finance Adoption,” was approved with 99.9% approval.
The plan includes designing a $50 million exchange-traded fund (ETF), creating a $100 million treasury of Sonic tokens to be listed on Nasdaq, and establishing a Sonic USA entity in New York.
At this point, the proposal included a plan to partner with a top-tier ETF provider to launch a regulated ETF tracking the company’s native S token.
The Sonic team also announced that it will establish Sonic USA LLC, establishing a US-based CEO and team in New York to facilitate TradFi plans and manage engagement in Washington, D.C. In this regard, the team will use 150 million S tokens (worth $47.7 million) to launch Sonic USA.
It was stated that the necessary custody transactions for the plans included in the offer will be carried out by BitGo.
Sonic Labs described the proposal as a necessary measure to secure exchange listings, increase competition and introduce a deflationary mechanism.
The S token, which experienced a huge surge with the approval of the proposal, later gave back most of its gains and continues to trade at $0.3.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/established-altcoin-name-changes-in-early-2025-expands-to-the-us-150-million-proposal-approved/
