Shiba Inu (SHIB) First-Ever Stablecoin, SHI, Advances toward Official Launch

In a bid to prove its case beyond being a meme token, the Shiba Inu team is working tirelessly to launch its first-ever stablecoin known as SHI.

As a report has it, the stablecoin, which was first suggested by Shiba Inu founder Ryoshi in May 2021, will be rolled out on both Shibarium and Ethereum blockchain.

According to the blog post where Ryoshi first mentioned the stablecoin, SHI will be designed as a global stablecoin that will be leveraged as a payment instrument and a store of value.

All the most popular stablecoins in the market are backed by fiat currency, such as US Dollar. Shiba Inu’s first stablecoin SHI will not be different in this regard.

According to the Shiba Inu team behind the project, SHI would be pegged to $0.01. In order to make this happen, the developers have to hold reserves or collateral that backs the payment method in secure storage to protect its value from experiencing the crypto market’s volatility.

At the moment, the team has not disclosed how they would maintain the stability of the stablecoin, but Gossip Shib, a stern Shiba Inu supporter, has little knowledge about stablecoin’s development.

Gossip Shib disclosed on Twitter that the team has several things to consider when developing the stablecoin.

Gossip Shib tweeted, “New facts about SHI @wenfloat – Leash is not confirmed to be the gov token for SHI – There’s other plays on the map to consider when developing SHI – Gov/Yield for SHI is not decided yet – SHI needs require Devs involvement As it’s not totally independent of the project.

“Stables are something super extensive and deep, and it’s out of my knowledge. That’s why the right people are managing it. Teams are working on some dummy tests before we launch official SHI”

“Ryoshi says this: “The end goal is that SHI (operating both on ETH and the Shibarium) becomes a global stable currency that plebs across all countries are able to use as both a store of value and method of payment.”

At the time of press, the date for the official launch of SHI has not been specified by the team behind the project.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.