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Memecoin giant Shiba Inu is on track to launch a new stablecoin to boost ecosystem growth.
Key Notes
Shiba Inu to launch its stablecoin product dubbed SHI very soon.The token will maintain a $0.01 peg with the US Dollar.The timeline for this launch is yet to be revealed.Shiba Inu SHIB $0.0000 24h volatility: 14.2% Market cap: $10.10 B Vol. 24h: $1.17 B marketing lead LUCIE has revealed the network’s plans to launch a stablecoin dubbed SHI. The idea of the potential stablecoin is familiar, as it was initially unveiled by Shiba Inu founder Ryoshi in 2021. SHIB developers Shytoshi Kusama and Kaal Dhairya have emphasized that SHI is still under development and undergoing rigorous testing.
The SHI Stablecoin
Though still in the development stage, the news of the stablecoin has sparked excitement amongst Shiba Inu community members. Recall that they recently got a hint about a new project that could drive more ecosystem adoption. Now, the potential USDT USDT $1.00 24h volatility: 0.1% Market cap: $119.28 B Vol. 24h: $44.99 B rival has been teased.
Regarding the SHI stablecoin, LUCIE highlighted that its introduction will significantly enhance Shiba Inu’s Layer-2 scaling blockchain Shibarium. She claimed that when Ryoshi introduced the token three years ago, he planned for SHI to function as a stable, decentralized currency.
Unlike USDT, USDC USDC $1.00 24h volatility: 0.1% Market cap: $36.08 B Vol. 24h: $6.13 B , and other stablecoins that are pegged to the United States dollar 1:1, the original idea was for the Shiba Inu stablecoin to be pegged at $0.01. The community is currently discussing collateral options to support this peg. However, the mechanism to achieve this peg has yet to be decided.
The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem
The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium… pic.twitter.com/UyrJgnYR45
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 26, 2024
The team behind the development of the SHI stablecoin is adopting a cautious strategy and trying to learn from the shortcomings of other stablecoins. Notably, they aim to make SHI secure and more sustainable. The plan is to integrate the stablecoin once its infrastructure is fully prepared. This is to ensure stability and utility within its Decentralized Finance (DeFi) ecosystem.
Importance of the SHI Stablecoin
Ultimately, SHI aims to provide price stability while minimizing volatility. Once SHI is in place, users of the SHIB ecosystem may no longer have to worry about sudden price swings or fluctuations. With support for lending, borrowing, and yield farming, SHI will likely strengthen Shibarium’s utility and attract more users to the SHIB ecosystem.
More users mean more transactions, which might increase the SHIB burn rate, which is currently up by 640.71%, according to Shibburn. In the long run, Shiba Inu’s price may see the surge the community has constantly clamored for. SHIB traded at $0.00001699 at this writing, corresponding with a 13.62% increase in the last 24 hours.
Similar to Shiba Inu’s move, Ripple Labs Inc has been working on implementing its USD-pegged stablecoin, RLUSD. It has created a website for the token, and the blockchain payment firm has already issued a batch of coins on the XRP Ledger and Ethereum blockchain. Ripple plans to make it available first to institutions. RLUSD will not be directly accessible to retail investors at launch.
On one hand, there are concerns that it would spark a regulatory debacle with the US SEC.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
