Snail Games Considers Diving into the Stablecoin Pool

Snail Games, a publicly traded video game studio, is exploring the creation of its own U.S. dollar stablecoin.

According to a recent press release, the company is currently assessing the technical, legal, and financial requirements for issuing a proprietary stablecoin. To assist in this endeavor, Snail Games has enlisted George Cao, the founder of crypto exchange AscendEX, as an external consultant. They have also engaged a law firm specializing in cryptocurrency to navigate the complex compliance landscape.

Key Takeaways:

• Snail Games is in the early stages of exploring a USD stablecoin.
• They've hired experts to help with technical and legal aspects.
• The project aims to integrate blockchain tech into their games.

While no concrete timeline has been established, this initiative remains exploratory. News of the potential stablecoin led to a surge in Snail Games' stock price, climbing as high as 20% before settling to an 8% increase by the end of the trading session.

"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,” stated co-CEO Hai Shi.

Stablecoins, cryptocurrencies designed to maintain a stable value relative to fiat currencies like the U.S. dollar, are increasingly popular for facilitating rapid and cost-effective value transfers using blockchain technology. With increasing regulation of the stablecoin sector in the US, major players across several industries are also exploring issuing stablecoins.

For Snail Games, integrating a stablecoin could unlock various opportunities, including blockchain-based game economies, player-driven marketplaces, and streamlined cross-border monetization, all while reducing reliance on traditional payment systems.