There are lots of projects preparing to launch on the popular dog-themed cryptocurrency, Shiba Inu (SHIB). One of these projects is Shiba Inu’s first stablecoin known as SHI. These projects are showcasing Shiba Inu (SHIB) as a crypto project that more than just a meme token.
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Ryoshi Explains Stablecoin SHI
According to Ryoshi, the founder of Shiba Inu (SHIB), stablecoin SHI is an algo-stable coin that is pegged to 1 cent. He also describes the digital asset as the “global exchange of value for plebs.”
Ryoshi revealed in a blog post that SHI stablecoin will be released after the launch of Shiba Inu’s layer two solution Shibarium: “Want to be launched after the Shibarium has established. But can also launch before on ETH network and bridge over of course.”
He also stated that the stablecoin will run concurrently on both Ethereum and Shibarium networks. He added that his desire is to see SHI become a global stable currency that will be leveraged by countries as a store of value and means of payment.
”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.”
He also emphasized that the stablecoin is being built by the SHIB team without soliciting help from any third parties: “Whatever it is, it needs to be built with care not to rely on 3rd party oracles. They need to be built to be fully contained, perpetual and autonomous”
Also, back in late January 2022, during an AMA session on Discord, lead developer Shytoshi Kusama made it known that SHI will soon go live, stating that a dedicated and very smart team is working on it.