The Shiba Inu (SHIB) team plans to launch a stablecoin: details

TL;DR

The Shiba Inu team plans to launch a stablecoin called SHI, which aims to improve the Shibarium network. Its development is ongoing, with a focus on creating a reliable fix at $0.01. The product is expected to bring benefits such as price stability, increased adoption and integration with decentralized finance (DeFi), although the exact launch date is still unknown. Jumping on the Stablecoin bandwagon

Shibarium’s marketing strategist, using the handle X LUCIE, revealed that the Shiba Inu team plans to introduce a stablecoin. The financial product, called SHI, was labeled a “crucial development” within the SHIB ecosystem. It is expected to “significantly improve the Shibarium network”, but the release date is still unknown.

LUCIE recalled that the idea of ​​the stablecoin was initially introduced by Ryoshi (the anonymous founder of the meme coin project) in 2021. SHI was supposed to be pegged at $0.01, but it was never determined mechanism to achieve this fixation.

“Ongoing discussions within the community focus on possible collateral options to effectively support the peg. Developers Shytoshi Kusama and Kaal Dhairya have stressed that SHI is still in development and undergoing rigorous testing” , said user X.

LUCIE also revealed that the official launch will occur once the infrastructure is “fully ready, ensuring stability and utility within decentralized finance.” They also stated that the team is digging into the matter, learning from the challenges other stablecoin projects are facing.

Potential merits of SHI

According to Shibarium’s marketing strategist, the upcoming stablecoin will provide numerous benefits to SHIB users and foster the development of the entire Shiba Inu ecosystem.

Some of the expected merits include price stability, improved utility, increased adoption, easier entry points for beginners, DeFi integration, community empowerment, risk mitigation, and more.

“As development progresses, SHI will enhance the capabilities of the Shib ecosystem, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,” the announcement said.

SHIB on the rise

The aforementioned disclosure coincides with Shiba Inu’s impressive price increase in the past 24 hours. The meme coin is up more than 14% during this period, reaching a two-month high of approximately $0.00001717 (according to CoinGecko data). Its market capitalization surpassed $10 billion for the first time since late July, making it the 15th largest cryptocurrency in the entire market.

SHIB Price, Source: CoinGecko

Other bullish factors that may have contributed to the resurgence include Shibarium’s latest milestone, increased burn rate, and the general revival of the meme coin cohort.

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