The SHI stablecoin could be launched in the next six months.
Amid all the uncertainty around stablecoins, the SHI stablecoin will still launch in 2022, according to Shytoshi Kusama.
Writing in a new blog post, the leader of Shiba Inu reiterated that despite the recent crash of Luna cryptocurrencies, SHI is still under development. However, it seems to have changed slightly from the original algo-stablecoin vision.
With the post also revealing the long-awaited TREAT token will be launched, here are the latest on SHI.
Shi Stablecoin will be launched in 2022
Shytoshi started his update on SHI facing the obvious elephant in the room, the algo-stablecoin collapses. Since SHI was described as an algo stablecoin by Shiba founder Inu Ryoshi, this raised some concerns as TerraUSD depegged.
“Needless to say, SHI is a concern after seeing other stable tokens collapse and billions of dollars being completely wiped out of the market,” Shytoshi said.
According to Shytoshi, the development of SHI was more independent than other projects, coming from “a group of developers in our decentralized network.”
Shytoshi said this group has unveiled a version of SHI that will avoid the problems that other failed stablecoins have encountered. No details were given on what exactly it will be. Instead, Shytoshi described it as an “experimental protocol” and said more details will come close to launch.
Shytoshi also said that TREAT will help provide balance for SHI. While this seems like it could be TREAT as a guarantee for SHI, comments on Shiba Discord suggest that this formulation means balancing in a different, unanchored sense.
As for the launch, SHI joins Shibarium and Shiba Inu Game scheduled for release in 2022. Of course, this is subject to change.
The latest update surrounding SHI came in May 2022 from another Shytoshi blog post. Here, he said that SHI would soon enter testing and that development was progressing well.