The Shiba Inu (CYPTO:SHIB) team has revealed plans to launch its own stablecoin, called SHI, as part of efforts to enhance the Shibarium network.
According to LUCIE, Shibarium’s Marketing Strategist, the stablecoin is considered a crucial development within the SHIB ecosystem.
While the exact launch date for SHI remains unknown, its purpose is to provide price stability and integrate with decentralised finance (DeFi).
The idea of the SHI stablecoin was initially introduced by Ryoshi, Shiba Inu’s anonymous founder, in 2021.
At that time, SHI was envisioned to be pegged at $0.01, although the mechanism to achieve this peg was not determined.
The development team, including Shytoshi Kusama and Kaal Dhairya, is still testing SHI and exploring collateral options to support the peg.
LUCIE explained that the team is taking a cautious approach, learning from the challenges faced by other stablecoin projects.
The stablecoin will be launched only when the infrastructure is fully prepared to ensure both stability and utility in the DeFi space.
The SHI stablecoin is expected to bring several benefits to the Shiba Inu ecosystem, including price stability, enhanced utility, and greater adoption.
It also aims to provide easier entry points for beginners, empower the SHIB community, and mitigate risks.
According to the announcement, “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.”
At press time, the Shiba Inu price was $0.00001908.