Shiba Inu stablecoin coming soon, developers say
The second largest memecoin by market cap, SHIB, continues its evolutionary process to become a complete ecosystem. In that sense, the project's publicity lead, Lucie, stated that the long-awaited Shiba Inu (SHI) stablecoin would soon make its appearance on Shibarium.
In a post on X, Lucie highlighted a number of points related to this new token and the utility it will bring to the ecosystem. She stressed that the stablecoin proposal in this project is not something new, but dates back to an old plan from 2021 by its founder, Ryoshi.
Although the marketing leader stressed that the coin is in the development phase, it won't be long before it appears on the market. The token will have numerous uses within the Shibarium ecosystem. Thus, one of the most striking features is the potential to attract new investors to make the ecosystem more dynamic.
The latter is linked to what a stable value token represents in reducing volatility risks. In this sense, people will be able to make more predictable investments with less risk of loss, given that the collateral value of the currency is indexed to that of the US dollar.
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Other features of the long-awaited Shiba Inu stablecoin
The highly anticipated Shiba Inu stablecoin will feature other elements of crucial importance to investors and the ecosystem. The increase in users as a result of lower risk is the most crucial factor. This determines that more users and more trading translate into an increase in the SHIB burn rate. Ultimately, this leads to the increase in the price of the dog token.
On the other hand, there are elements such as the link to the dollar. Just like USDT and others, this token called SHI will be linked to the USD. However, it will not be in a 1 to 1 relationship. Each token will have a price of $0.01. So far, the mechanisms that will maintain this stable relationship are unknown.
Shytoshi Kusama and Kaal Dhairya personally oversee the project. This strict monitoring aims to ensure the long-term security and sustainability of the stablecoin. As expected, the token will become a fundamental part of Shibarium.
Shiba Inu's stablecoin will have functions in areas such as lending, borrowing and yield farming, among others. SHI's ability to provide liquidity is combined with reliability and security for transactions. Thus, this would translate into the achievement of another of the project's major objectives, which is to establish the project as a means of mass payment.
