Snail Corporation Plans to Delve into Development of a Personalized Stablecoin Backed by US Dollars
In a significant move, Snail Games, a leading global independent developer and publisher of interactive digital entertainment, is delving into the creation of a proprietary USD-backed stablecoin as part of a strategic digital asset initiative. This exploration comes as the digital entertainment industry shows potential growth in crypto-based transactions [1][2].
Currently, Snail Games is in the exploration phase, assessing the feasibility of developing a stablecoin with multiple external use cases. However, no specific timeline or commitment has been made [1][2][3]. To support this initiative, the company has enlisted the expertise of Dr. George Cao, the CEO of AscendEX, a renowned cryptocurrency platform, and engaged legal advisors experienced in cryptocurrency and blockchain [1][2][3].
The development and launch of the stablecoin will hinge on various factors, including regulatory approvals, market conditions, technical feasibility, cybersecurity safeguards, financial controls, and internal governance [1][2][3].
This stablecoin exploration is part of Snail Games' broader innovation roadmap, which includes evaluating how blockchain technologies align with the company’s long-term goals [3]. The company may need to hire professionals with specialized blockchain experience to further develop this initiative [3].
However, Snail Games has not committed to a specific launch timeline or use case deployment for its stablecoin. Any future implementation will depend on multiple factors, including regulatory considerations, technical readiness, risk assessments, and strategic alignment with Snail's core business [1][2][3].
For more information, investors can contact John Yi and Steven Shinmachi of Gateway Group, Inc. at 949-574-3860 or [email protected] [1]. The press release contains forward-looking statements regarding the evaluation and feasibility for the introduction of Snail's stablecoin [1].
Snail Games retains the right to abandon its intention to explore the issuance of a proprietary US dollar-backed stablecoin at any time [1]. The risks and uncertainties related to the stablecoin exploration are described in the "Risk Factors" section of Snail's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 [1].
The legal advisors are a nationally recognized law firm ranked by Chambers FinTech Legal USA as a leading firm serving cryptocurrency and blockchain clients [1]. Snail Games has retained Dr. George Cao, an external consultant, and seasoned legal advisors for this initiative [1].
It is important to note that this press release does not serve as an offer, sale, or solicitation of a digital asset or security [1]. For further inquiries, please contact Monty Robles of Snail Games at [email protected] [1].
Snail Games, Inc. (Nasdaq: SNAL) continues to be a leading global independent developer and publisher of interactive digital entertainment [1]. Subscribe to the Daily Debrief Newsletter for the latest updates on this and other developments in the digital entertainment industry.
[1] Source: Snail Games Press Release, [date] [2] Source: CoinDesk, "Snail Games Explores Stablecoin as Part of Digital Asset Initiative", [date] [3] Source: BusinessWire, "Snail Games Announces Stablecoin Exploration as Part of Digital Asset Initiative", [date]
- Snail Games, in collaboration with Dr. George Cao and experienced legal advisors, is currently assessing the feasibility of developing a stablecoin as part of a broader digital asset initiative within the digital entertainment industry.
- The stablecoin, if developed, will have multiple external use cases, but a specific timeline or commitment has yet to be made due to factors such as regulatory approvals, market conditions, and technical feasibility.
- The stablecoin's development and launch will also rely on cybersecurity safeguards, financial controls, and internal governance, as outlined in the company's strategic roadmap that utilizes blockchain technologies to align with its long-term goals.
- Snail Games may need to consult with professionals specializing in blockchain technology to further develop this digital asset innovation. Any future use case deployments or timelines will depend on regulatory considerations, technical readiness, risk assessments, and strategic alignment with the company's core business.
