Shiba Inu plans to launch a stablecoin product – SHI – that will play a vital a crucial role in payments and DeFi operations
Lucie, the Shiba Inu (SHIB) marketing lead, has shared a critical update with community members regarding the SHI stablecoin. The concept of a stablecoin for Shibizens—that is, members of the community—was first proposed by Shiba Inu’s founder, Ryoshi, in 2021.
A Stablecoin Designed for Shibarium
In a post on X, Lucie informed the community that SHI will be released on Shibarium for general use. Notably, SHI aims to be a decentralized stablecoin designed for stability with a value of $0.01. The goal is primarily to reduce volatility associated with most cryptocurrencies.
According to the marketing team lead, the mechanism to determine the pegging is under development. Shytoshi Kusama and Kaal Dhairya are the lead developers working on the stablecoin. The ultimate target includes releasing a coin (SHI) that will be secure and sustainable and not suffer a crash like Terra’s UST.
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 stablecoin’s launch will occur when all required infrastructure has been fully prepared and integrated into the SHIB ecosystem. This will guarantee stability and functionality within its Decentralized Finance (DeFi) ecosystem.
Shytoshi Kusama and Kaal Dhairya have assured Shibizens that the SHI stablecoin is still being developed and subject to rigorous testing. BGECrypto earlier reported on the mysterious message shared with community members.
Bullish Sentiment Grows as SHIB Price Surges
Once SHI is integrated into Shibarium, Shiba Inu’s layer-2 solution, it might be crucial in achieving price stability.
Everyday transactions, such as payments, and DeFi applications, such as borrowing, lending, and yield farming, will be smooth and easy. The team anticipates this will help onboard new users, particularly those opposed to crypto’s volatility.
SHI could also bridge Shibarium to other blockchain platforms and traditional financial systems, positioning it as a versatile financial tool for various payments and remittances.
Lucie’s update to Shibizens has spread bullish sentiment, as SHIB has climbed 14.40% to $0.00001719 in the past 24 hours. Market volume has also soared by 219.61% to $734.27 million.
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