Snail establishes subsidiary for USD-backed stablecoin

Snail, Inc. (Nasdaq: SNAL), a prominent global independent developer and publisher of interactive digital entertainment, has announced a significant step in its strategic digital asset initiative by establishing a new wholly-owned subsidiary: Snail Coins LLC.

This new subsidiary is specifically dedicated to managing Snail’s USD-backed stablecoin project and broader digital asset operations. The move comes shortly

after the signing of the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act into law, which creates a federal regulatory

framework for USD-backed stablecoins in the United States. This regulatory clarity is a key factor enabling Snail to advance its stablecoin plans.

Snail’s goal with this stablecoin is to create a secure, regulated, and scalable digital asset ecosystem. They aim to address current market gaps in digital payments and on-chain financial infrastructure, particularly within the digital entertainment and gaming industry. The company sees potential benefits in facilitating in-game economies, cross-border transactions, and potentially reducing payment processing fees.

While Snail, Inc. has not yet committed to a specific launch timeline or name for their stablecoin, they are actively evaluating various factors including:

Regulatory approvals

Market conditions

Technical feasibility

Cybersecurity safeguards

Financial controls

Internal governance

Strategic alignment with their core gaming business

They have engaged external consultants, including Dr. George Cao (founder and CEO of AscendEX), and a nationally recognized law firm to guide their exploration and implementation.

This initiative positions Snail as an early mover within the digital entertainment space to explore stablecoin infrastructure, potentially revolutionizing in-game payments and player experiences. However, they acknowledge the challenges of entering a competitive market already dominated by established stablecoins like Tether (USDT) and USD Coin