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Snail , Inc. (NASDAQ:SNAL) established Snail Coins LLC, a wholly owned subsidiary dedicated to managing its USD-backed stablecoin initiative and digital asset operations, according to a company statement.
The gaming company formed the subsidiary to handle issuance, management, and operations of its proposed stablecoin project. Snail develops and publishes interactive digital entertainment for consoles, PCs, and mobile devices.
The subsidiary establishment follows the recent signing of the GENIUS Act, which creates a federal regulatory framework for USD-backed stablecoins. The legislation establishes uniform regulatory standards for stablecoin operations in the United States.
"With the GENIUS Act signed into law, we believe the regulatory landscape is beginning to align with the pace of innovation in digital finance," said co-CEO Hai Shi. "We view the formation of Snail Coins LLC as more than a corporate structuring move – it’s the beginning of a strategic commitment to the integrity, success, and vision of the project."
The company stated its stablecoin project aims to provide a regulated solution for digital payments and blockchain financial infrastructure. Snail has not committed to a specific launch timeline for the stablecoin.
The company noted that future implementation depends on regulatory considerations, technical readiness, risk assessments, and strategic alignment with its core gaming business. Snail may abandon the stablecoin initiative at any time, according to its disclaimer.
The press release contained forward-looking statements regarding the stablecoin project’s evaluation and potential implementation, which the company said depends on multiple factors including regulatory approval.