The Sonic(S) community has approved the issuance of $150 million tokens to expand into the United States.
According to Bullock, the Sonic(S) community, formerly known as Fantom, has approved Sonic Labs' $150 million token issue proposal to expand into the US market.
The August 20 proposal, titled “US Expansion and Traditional Financial Adoption,” was approved with 99.9% approval.
The plan includes the design of a $50 million Exchange Sales Fund (ETF), the creation of a $100 million Treasury Department for Sonic Tokens listed in the NASDAQ, and the establishment of a Sonic USA Entity in New York.
At this point, the proposal included plans to partner with a leading ETF provider to launch a regulated ETF that tracks the company's native S-tokens.
The Sonic Team has also announced that it will establish Sonic USA LLC, establish a US-based CEO and team in New York, promote Tradfi plans, promote engagement in Washington, DC, and launch Sonic USA in this regard with S150 million S tokens (valued by $47.7 million).
It was stated that the custody transactions required 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 lists, increase competition and introduce deflation mechanisms.
After receiving approval of the proposal, S-Token went through a massive surge, later returning most of its profits and continues trading at $0.3.
*This is not investment advice.
