FTX Looking to Launch its Own Stablecoin - Sam Bankman-Fried
Godfrey Benjamin Oct 27, 2022 16:00
FTX CEO Sam Bankman-Fried has given a hint that the exchange will launch its own stablecoin
Cryptocurrency trading behemoth, FTX Derivative Exchange may soon launch its own stablecoin as confirmed by its founder and CEO, Sam Bankman-Fried.
Speaking in an interview with Web3 news media, The Big Whale, Bankman-Fried discussed a number of the industry’s perceptions with respect to the exchange’s position atop the ongoing crypto winter.
As against the popular belief that FTX is the biggest winner in the industry based on its success in snapping up Voyager Digital and BlockFi, both crypto lenders that got riled up as prices of assets tumbled, Bankman-Fried reiterated that its role, irrespective of the perception is to help maintain industry balance which will, in turn, benefit everyone.
Acknowledging that this current crypto winter is the “first real Bear Market we've been through,” the FTX boss acknowledged that the market downtime is not affecting its business as such as it is always innovating.
“One of the main characteristics of crypto platforms is that our operation is not impacted by the market downturn any more than that,” he said, “Every day we continue to grow the business, create services and new tools for customers. So, yes, the markets are less dynamic, things are a little more tense, but in the end, it doesn't take us off course.”
While the plan to launch the stablecoin did not come with many details other than it will be done in partnership with other key players in the space, the move did not come as a surprise seeing Binance exchange, the trading platform FTX is still trying to beat in terms of daily trading volume has launched its own stablecoin.
The collapse of TerraUSD (UST), the token linked to the Terra ecosystem has sent a cold shiver down the Web3 ecosystem with intensive scrutiny and oversight from regulators. With FTX’s stance, the exchange may be well-positioned to launch a stablecoin that will align with the regulator's guidelines.
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