Snail to Explore Stablecoin Launch

Snail plans to explore the introduction of its own proprietary stablecoin pegged to the dollar.

The plan is subject to regulatory approvals, technical feasibility, cybersecurity considerations and market conditions, the company said Tuesday in a statement.

Snail retained an adviser and a law firm to support the effort.

"This investigation into the crypto space and evaluation of the feasibility of launching our own stablecoin would mark a key step in advancing our vision of driving innovation across digital entertainment," Hai Shi, co-chief executive officer, said in the statement.

Snail shares rose 21% in recent trading Tuesday.