Shiba Inu Reveals Stablecoin Plans and Dogecoin Comes to Las Vegas
Popular dog-themed meme coins shiba inu (SHIB) and dogecoin (DOGE) may get a boost as the former plans to expand its ecosystem with a range of new products, while the latter will reportedly be accepted as a payment method at The Boring Company's newly-opened transit station in Las Vegas.
Shytoshi Kusama, a lead developer behind SHIB, announced the plans in a blog post on Wednesday, saying that the team aims to roll out a decentralized stablecoin called SHI, which is ostensibly designed to avoid issues found in other stablecoins of this kind.
"They’ve submitted a version of Shi that seems to avoid the issues found in other moonshots, while allowing Shi to be used to counter and balance payments that need to be done without market fluctuations," Kusama said about the stablecoin, adding that it is expected to launch by late 2022.
The pseudonymous developer also unveiled TREAT, the SHIB metaverse's upcoming reward token. While the coin is tied to the Shiba Collectible Card Game and will be used to reward users, it will also "provide balance to" Shiba Inu's stablecoin, the blog post said without describing how that would work.
Last year, the meme coin unveiled its native decentralized exchange (DEX) known as ShibaSwap, as well as ecosystem tokens BONE and LEASH. The developers are also working on the ecosystem's own layer 2 protocol called Shibarium and a metaverse project that would contain more than 100,000 land plots.
Meanwhile, Elon Musk's The Boring Company, an infrastructure and tunnel construction services company, will accept dogecoin as a payment method at its newly-opened transit station in Las Vegas, according to reporting from CNN Business.
The Las Vegas Convention Center Loop has three different stations and consists of 1.7 miles. While rides are currently free on the Loop, the company will eventually charge USD 1.50 for a single ride and USD 2.50 for an entire day pass, according to the Vegas Loop's website.
Riders will be able to scan a QR code on a wall at the new Resorts World station to purchase a ticket and will be offered the option to pay in DOGE.
CEO Elon Musk all but confirmed the news, saying that he’s “supporting Doge wherever possible.”
At 8:01 UTC on Thursday morning, the 10th coin per market capitalization, DOGE, is trading at USD 0.0687. It's up 2% in a day and down just over 1% in a week. SHIB sits on the 13th spot, changing hands at USD 0.00001. It went up 1.2% in 24 hours and 3.4% in 7 days.
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