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HomeCrypto NewsMarketShiba Inu (SHIB) First Stablecoin Edges Closer to Launch

Shiba Inu (SHIB) First Stablecoin Edges Closer to Launch

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Shiba Inu (SHIB) Team is getting closer to launching their stable coin.

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As part of efforts to prove it is not a memecoin, Shiba Inu (SHIB) is eagerly working relentlessly to release its first-ever stablecoin called SHI. 

The stablecoin, which was first mentioned in May 2021 by Shiba Inu founder Ryoshi in a blog post, will launch on both Shibarium layer 2 and the Ethereum blockchain. 

SHI, as described in the blog post, is a global stablecoin that will be used as a payment method and a store of value. 

Stablecoins are usually backed by a stable asset, especially a fiat currency. A closer look at the top three stablecoins in the global cryptocurrency ranking indicates that the digital currencies are backed by the United States Dollar on a 1:1 ratio. 

What’s New for SHI

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Interestingly, the team behind Shiba Inu, who considers SHI as a stablecoin that preserves value said the cryptocurrency would be pegged to $0.01. 

Based on this, stablecoin developers need to hold reserves or collateral that backs the payment method, in a secured storage to protect its value from suffering the same issue of volatility that keeps rocking the cryptocurrency market.  

It is not clear how the Shiba Inu team plans on maintaining the stability of SHI. However, Gossip Shib, an enthusiast of the dog-themed project, disclosed on Twitter today that there are several available techniques to consider when developing the stablecoin. 

At the time of writing this line, there is no specific date on when the Shiba Inu team plans to officially launch the stablecoin, but the cryptocurrency project’s founder said: 

“Teams are working on some tests before we launch the official SHI.” 

Meanwhile, in contrast to the belief that LEASH would be the governance token of all Shiba Inu-related projects, it is still not determined that SHI will be included among the SHIB projects to be governed by LEASH. 

Ryoshi says: “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.”

 

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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  1. What happens to Shiba Inu with SHI, LEASH and others? Does this mean all attention is on them and not Shiba Inu? Will shiba Inu be worthless, or will it grow in value?

  2. A new stable coin . why make a new stable coin?. You have a large group invested in Shib INU that has been supportive of Shib INU and a new coin would surely disrupt the growth of Shib INU , being a stable coin it will automatically drop the value of the not stable coin and cause many to lose or delay any gains in a relatively shorter time of Shib INU with this new coin. Not a good Idea for many that have supported Shib InU If anything make ShIb INU a stable coin the work has already been done it’s accepted by over 10 large retail companies and it will benefit the people that originally put Shib where its at and already own Shib. New coin sounds like you are ditching the people that supported the coin from start and now going after another new group without concideration for people that have been waiting for Shib to get to .01 big mistake I would not support a new stable coin and would sadly sell my Shib and not return. Shib should be the stable coin if possible and if not no other coin should be put out to distrupt the .01 of Shib

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