yes, sure why not? if its 1:1 it doesn't matter what they hold. it doesn't matter if shiba inu imploded in value, the exchange will function fine. now if they were merely collateralized by shiba then we have a big problem.

I assume people who buy Shiba are the people who won't/don't know how to store their own keys. Whereas older coins the longer term hodlers know the common mantra of not your keys, not your coin.