Hello guys I hope everyone is good at these times.
Let's talk crypto, more of Shiba Inu coin the little puppy. We will take a look at the latest news from the SHIB team.
Shiba Inu (SHIB) is nearing the debut of its stablecoin.
As part of efforts to demonstrate that it is not a meme currency Shiba Inu (SHIB) is working hard to release its first stablecoin, SHI.
Shiberium will launch on both the Layer 2 and Ethereum blockchains, as initially indicated by Shiba Inu founder Ryoshi in a May 2021 blog post.
SHI is a worldwide stablecoin that will be utilized as a payment mechanism and a store of value, as mentioned in the blog article.
Stablecoins are often backed by a stable asset, such as fiat money. A deeper look at the top three stablecoins in the global cryptocurrency rankings reveals that the digital currency is backed in a 1:1 ratio by the US dollar.
What has SHI changed recently?
Surprisingly, the Shiba Inu team, which views SHI as a stablecoin that retains value, has said that the cryptocurrency would be fixed at $0.01.
Based on this, stablecoin developers must retain the reserves or collateral supporting the payment method in a secure storage facility to protect its value from the same volatility concerns that plague the cryptocurrency market.
It is unclear how the Shiba Inu team intends to keep the SHI stable. However, Gossip Shib, a dog-themed project enthusiast, revealed today on Twitter that while constructing a stablecoin, there are numerous possible ways to explore.
The Shiba Inu team does not intend to formally introduce a stablecoin at the time of writing, although the cryptocurrency project's creator stated:
“Teams are working on some tests before launching the official SHI.”
Meanwhile, contrary to popular notion, whether SHI will be included in the SHIB projects to be regulated by Leash is still unknown.
Ryoshi states:
“The ultimate goal is that SHI (working on both ETH and Shiberium) becomes a global stablecoin capable of being used as both a store of value and a method of payment in all countries.”
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