Shiba Inu developers announce the launch of stablecoin

Shytoshi Kusama pointed out that the project team takes into account the problems faced by previously released stablecoins

06.07.2022 - 15:00

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What’s new? Shytoshi Kusama, the chief developer of the Shiba Inu token (SHIB), announced that the SHI algorithmic stablecoin will be launched by the end of 2022. According to him, it is an experimental project, like all other products released by the team earlier. Kusama added that the developers are taking into account all the problems faced by previously released stablecoins, highlighting in particular the TerraUSD (UST) crash. He noted that this will allow SHI to be used to “balance payments that need to be done without market fluctuations.”

Information on the blog

SHIB is an Ethereum blockchain-based meme token issued according to the ERC-20 standard. The altcoin was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group of developers under the pseudonym Ryoshi.

SHIB is trading at $0,00001 as of July 6 at 14:50 UTC, having gained 2,45% in a day, according to Binance.

In late April, the Shiba Inu team announced the launch of a token-burning mechanism called Shiba Burn. Using a special portal, SHIB owners can burn them, receiving burntSHIB tokens and rewards in RYOSHI tokens in return.

In early May, fast-food restaurant chain Welly announced the transfer of 15% of the company’s shares to the Shiba Inu community. This percentage would add up in Shiba Welly's wallet and include profits from all of the restaurant chain's operations.

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