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Investing.com -- Snail Inc (NASDAQ:SNAL) stock surged 22.6% after the interactive digital entertainment company announced plans to explore developing its own proprietary stablecoin as part of a strategic digital asset initiative.
The Nasdaq-listed company said it is evaluating the feasibility of introducing a stablecoin, though implementation would depend on regulatory approvals, market conditions, technical feasibility, and other factors. Snail believes this exploration could position it as an early mover in the digital entertainment industry’s adoption of blockchain technology.
To support this initiative, Snail has retained Dr. George Cao, founder and CEO of cryptocurrency platform AscendEX, as an external consultant. The company has also engaged a nationally recognized law firm with expertise in cryptocurrency and blockchain.
"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," said Snail co-CEO Hai Shi.
The company emphasized that while it continues to focus primarily on gaming across its ARK franchise and indie titles, the potential stablecoin initiative represents a step toward its vision of driving innovation in digital entertainment. Snail noted that no decisions have been made to integrate such technology into its corporate strategy, and there is currently no timeline or commitment for implementation.
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