FTX exchange ‘working on a stablecoin’, according to CEO Bankman-Fried
Sam Bankman-Fried, CEO of cryptocurrency derivatives exchange FTX, has revealed that the company is “working on a stablecoin” in an interview with The Big Whale.
Other big crypto exchanges already have their own stablecoins. For example, Binance, the world’s largest cryptocurrency exchange by trading volume, has Binance USD (BUSD) and Coinbase, the largest cryptocurrency exchange in the US, in a collaboration with Circle, launched the USD Coin (USDC) stablecoin.
When asked if FTX – which operates its own native crypto, the FTX token (FTT) – could launch its own stablecoin, Bankman-Fried responded: “We certainly could. We know how to do it. We’ve held off on doing it because, we think to some extent, collaboration on that could be really powerful.
“But I think you will probably be hearing something from us on that topic in the not too distance future.”
FTT to USD
FTX’s first bear market
Bankman-Fried revealed that the current crypto bear market is the first one FTX has ever experienced.
The CEO of FTX added: “You know, one of the main characteristics of crypto platforms is that our operation is not impacted by the market downturn any more than that.
He remained optimistic regarding the future of the crypto industry as “the industry keeps growing. There are more and more use cases, the technology is improving, and the regulation is gradually being put in place”.
The collapse of terra
When the stablecoin terrausd (UST) lost its peg to the US dollar in May 2022, it fed into the current crypto bear market and resulted in numerous crypto firms going bankrupt, including crypto brokerage and leder Voyager Digital.
However, Bankman-Fried stated that the FTX purchase of Voyager’s assets after it filed for bankruptcy helped to stabilise the markets.
The CEO also said that these “acquisitions will allow FTX to strengthen its position in the United States and continue to gain market share”.
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