Gaming Studio Snail Explores Developing U.S. Dollar Stablecoin
2025-07-15 23:13:59
Main Idea
Snail Games, a publicly-traded video game studio, is exploring the development of a U.S. dollar stablecoin, which led to an 8% increase in its stock price.
Key Points
1. Snail Games (SNAL) announced it is considering developing its own U.S. dollar stablecoin and is evaluating technical, legal, and financial challenges.
2. The company has hired George Cao, founder of crypto exchange AscendEX, as an external consultant and engaged a crypto-focused law firm.
3. No firm timeline has been set for the initiative, which remains exploratory.
4. The stock rose as much as 20% on the news before closing 8% higher.
5. Co-CEO Hai Shi stated that the stablecoin exploration aligns with the company's focus on digital transformation in the entertainment space.
Description
Snail Games (SNAL), a publicly-traded video game studio, said on Tuesday that it is mulling the development of its own U.S. dollar stablecoin. The company is evaluating the technical, legal, and financial hurdles to issuing a proprietary stablecoin, according to a press release . To support the effort, Snail retained George Cao, founder of the crypto exchange AscendEX, as an external consultant. The company has also engaged a crypto-focused law firm to help navigate compliance challenges. No fir...
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