FTX could launch its stablecoin “in the not-too-distant future”

FTX could soon launch its stablecoin

In a recent interview given to The Big Whale, Sam Bankman-Fried, CEO of FTXconfirmed that the cryptocurrency exchange platform was already working on issuing its own stablecoin.

Stablecoins, a term to be translated as “stable currency”, are cryptocurrencies backed by another asset, like the dollar for example. Thus, a stablecoin is by nature more impervious to market volatility than a conventional cryptocurrency. To learn more, read our presentation dedicated to stablecoins.

Without giving a real time scale, the billionaire however said that the stablecoin could see the light of day in the near future:

“I think you’ll probably hear something from us about that in the not too distant future. »

Sam Bankman-Fried thus confirms his wish to create his own stablecoin, what he had already mentioned with tweezers on October 23 in a tweet:

3) At this point, we’re probably the largest unaligned players in the stablecoin ecosystem. Bybit, the various blockchains, tradfi, and market makers are as well.

(Worth asking what the futures are of USDK, HUSD, etc.)

— SBF (@SBF_FTX) October 23, 2022

“At this point, we are probably the largest unaligned players in the stablecoin ecosystem. Bybit, the various blockchains, traditional finance and market makers are also. »

Note that according to SBF, the stablecoin is still under study and the latter will probably not see the light of day only in the context of a partnership with another entityas Coinbase was able to do with Circle to issue USDC, for example.

👉 Discover our detailed presentation of the FTX platform

FTX intends to continue its investments

When asked if FTX is still fundraising, Sam Bankman-Fried replies that this is indeed the case, and this while the platform already has several billion dollars to make acquisitions. Specifically, according to him, FTX is “in a strong position” to make small and medium acquisitions.

Indeed, bear markets are times of opportunity for industry players who are doing the best, and FTX is a good example of this, the platform having recently won the auction to buy the assets of Voyager Digital for no less than $1.4 billion.

Regarding a possible takeover of the Robinhood platform, a rumor that has already been around for a few months, the CEO of FTX has some reservations :

“That’s an excellent question! There are two ways for a company to grow: either it buys companies or it continues to grow internally. The most important thing is to continue to grow, to attract users, whatever the way. We could buy a company like Robinhood, but that’s not what we’re looking at right now. Our challenge is to continue to grow with organic growth. »

👉 Also read: The cryptocurrency market is rising and liquidations are coming up – Why?

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Sources: TwitterThe Big Whale

Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.

Maximilien Prue

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