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Digital entertainment company Snail, Inc. has announced plans to launch its proprietary USD-backed stablecoin. This is part of a larger strategic digital initiative aimed at driving innovation in the digital entertainment sector, the company said.
However, the initiative is subject to various factors, including regulatory approvals, market conditions, technical feasibility, cybersecurity safeguards, financial controls, and internal governance.
By exploring stablecoin infrastructure, Snail, Inc. believes it will position itself as an early mover within the digital entertainment industry. For now, the company is only evaluating the idea as part of its roadmap with possible future integration.
The idea came in light of the growing potential of crypto-based transactions in the digital entertainment and gaming industry, and the stablecoin is expected to have several external use cases. In line with this prospect, the company has retained key partners, including Dr. George Cao, Founder and CEO of AscendEX.
 
Commenting, Snail, Inc. co-CEO Hai Shi said: “This stablecoin exploration is a natural evolution of our innovation-led strategy and will support a broader effort to evaluate how blockchain-based technologies could be aligned with the Company’s long-term goal to be at the forefront of digital transformation in the entertainment space. To support this initiative, we’ve engaged a nationally recognized law firm and a seasoned strategic advisor to support and guide the successful exploration of this opportunity. We are evaluating potential future phase hiring needs for professionals with specialized experience in blockchain, stablecoins, and digital asset strategy.”
Shi maintained that while the company’s focus remains on gaming across its ARK franchise, indie titles, and other up-and-coming genres, the investigation into the crypto space and evaluation of the feasibility of launching its stablecoin would mark a key step in advancing the company’s vision of driving innovation across digital entertainment.
A leading global brand in the development and publishing of interactive digital entertainment for consumers worldwide, Snail, Inc. boasts a premier portfolio of premium games designed for use on various platforms, including consoles, PCs, and mobile devices.
Source: https://zycrypto.com/snail-inc-mulls-launch-of-own-proprietary-usd-backed-stablecoin/