Heres Why Shiba Inus SHI Stablecoin Is Still Waiting for Its Big Debut
TL;DR
- Shiba Inus stablecoin is still unavailable, awaiting certain regulations before its launch.
- However, other SHIB-related tokens like LEASH, BONE, and TREAT are already live, offering staking rewards, metaverse involvement, and other benefits to users.
Launch on the Way?
The stablecoin SHI is one of the tokens within the Shiba Inu ecosystem that remains under development, with no official release date announced yet. It will aim to provide price stability within the Shibarium network and is intended to maintain a peg of $0.01, differing from the typical $1 target of many well-known stablecoins.
Earlier this week, one of the popular Shiba Inu developers, Kaal Dhairya, said the team is waiting on clear stablecoin regulations before moving forward with SHI.
Recall that the US House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act on April 23. The next stages of approval include passing a full House vote and a Senate vote. The bill seeks to create a regulatory framework for payment stablecoins, requiring issuers to disclose information about their reserves and operational practices.
According to Bryan Steil (Chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence), it also gives the Office of the Comptroller of the Currency (OCC) the authority to approve and supervise federally qualified nonbank payment stablecoin issuers.
The STABLE Act protects consumers while cementing the US dollar as the worlds reserve currency and promoting the next generation of Web3 businesses here in the United States, he added.
For his part, Congressman Dan Meuser claimed the legislation will make payments faster, cheaper, and more accessible, reducing costs to the benefit of businesses and consumers alike.
Other SHIB-Related Tokens
Contrary to SHI, additional assets within the Shiba Inu ecosystem are active and tradable on various cryptocurrency exchanges.
Doge Killer (LEASH) is one example. It is designed to complement the primary SHIB token and allows users to participate in staking rewards, metaverse developments, and exclusive NFT offerings. Some of the trading venues supporting LEASH include Crypto.com, Gate.io, and others.
BONE ShibaSwap (BONE) is next in line. It plays a role in Shiba Inus layer-2 scaling solution, Shibarium, by facilitating transactions and contributing to its efficiency.
Lastly, we will touch upon Shiba Inu Treat (TREAT), which went live in January this year. The token is designed to enhance utility and engagement across the networks projects and provide liquidity for the upcoming stablecoin SHI.
The post Heres Why Shiba Inus SHI Stablecoin Is Still Waiting for Its Big Debut appeared first on CryptoPotato.
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Text source: CryptoPotato
