TL;DR
The Shiba Inu team plans to launch a stablecoin called SHI, which aims to enhance the Shibarium network. Its development is ongoing, with a focus on creating a reliable peg to $0.01.
The product is expected to bring benefits like price stability, increased adoption, and integration with decentralized finance (DeFi), although the exact launch date remains unknown.
Jumping on the Stablecoin Bandwagon
Shibarium’s Marketing Strategist, using the X handle 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 enhance the Shibarium network,” but the launch date remains unknown.
LUCIE reminded 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 its mechanism for achieving this peg was never determined.
“Ongoing discussions within the community are focused on potential collateral options to support the peg effectively. Developers Shytoshi Kusama and Kaal Dhairya have emphasized that SHI is still under development and undergoing rigorous testing,” the X user stated.
LUCIE also disclosed that the official launch will happen once the infrastructure is “fully prepared, ensuring stability and utility within decentralized finance.” They also claimed that the team is carefully delving into the matter, learning from the challenges faced by other stablecoin projects.
SHI’s Potential Merits
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, enhanced utility, increased adoption, easier entry points for beginners, DeFi integration, community empowerment, mitigating risks, and more.
“As development progresses, SHI is set to enhance the Shib ecosystem’s capabilities, providing a reliable framework for decentralized finance and contributing to a more resilient financial landscape,” the announcement reads.
SHIB on the Rise
The aforementioned disclosure coincides with Shiba Inu’s impressive price rally in the past 24 hours. The meme coin is up over 14% for that period, reaching a two-month high of approximately $0.00001717 (per CoinGecko’s data). Its market capitalization surpassed $10 billion for the first time since late July, making it the 15th biggest cryptocurrency in the entire market.
SHIB Price, Source: CoinGecko
Other bullish factors that may have contributed to the resurgence include Shibarium’s latest milestone, the increase in the burn rate, and the overall revival of the meme coin cohort.
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