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 Shiba Inu lead reaffirmed that despite the recent Luna crypto crash, SHI is still in development. However, it does seem to have changed slightly from the original algo-stablecoin vision.
With the post also revealing the long-awaited TREAT token will also launch, here's the latest on SHI.
SHI Stablecoin To Launch In 2022
Shytoshi began his update on SHI by addressing the obvious elephant in the room, the algo-stablecoin collapses. As SHI was described as an algo-stablecoin by Shiba Inu founder Ryoshi, this raised some concerns as TerraUSD depegged.
"Needless to say, SHI is a concern after watching other stable tokens collapse and billions in dollars get wiped off the market completely," Shytoshi said.
According to Shytoshi, SHI development has been more independent compared to other projects, coming from "a group of developers in our decentralized network."
Shytoshi said this group submitted a version of SHI that will avoid the issues other failed stablecoins have run into. No details were given on what exactly this will be. Instead, Shytoshi described it as an "experimental protocol" and said more details will come closer to launch.
Shytoshi also said TREAT will help provide balance for SHI. While this sounds like it could be TREAT as providing collateral for SHI, comments on the Shiba Discord suggest this wording means balancing in a different, non-pegged sense.
The last update surrounding SHI came in May 2022 from another Shytoshi blog post. Here, he said that SHI would enter testing soon, and that development was progressing well.