FTX working on a new Stablecoin: Sam Bankman-Fried

Paigambar Mohan Raj
Source: Bitcoin.com

In a recent interview with The Big Whale, FTX Chief Sam Bankman-Fried (SBF) revealed that the popular exchange is working on creating a new stablecoin. Terra’s USTC algorithmic stablecoin was at the heart of the summer 2022 crypto market crash. Ever since regulatory bodies around the world have taken an increased interest in the space. Many agencies are tirelessly trying to bring stablecoins into their fold.

FTX seemed to be following the steps of a fellow exchange, Binance. Binance launched its BUSD stablecoin pegged to the dollar in 2019. In its three short years, BUSD has attained a market cap of $20 billion. The other big stablecoin in the market is Tether’s USDT. USDT is the most widely used stablecoin and has the third largest market cap, behind Bitcoin (BTC) and Ethereum (ETH). Thus, given the success some stablecoin issuers have had, it is not surprising to see FTX’s ambition, as well as its temptation.

FTX chief on Robinhood purchase

In the interview, the FTX boss was asked why the firm has made so many large acquisitions. SBF replied that many of the transactions have helped stabilize the crypto markets. However, he further added that many of the acquisitions will help FTX strengthen its position in the US.

SBF then provided some clarity on whether the exchange is in talks to purchase Robinhood, another popular exchange. SBF said that there are two ways that a company can grow. One way is to buy another company with clients or work its way to the top. He added that FTX could buy a company like Robinhood, but it is not what they are looking for right now. Hence, the Robinhood rumors can finally be put to rest.

FTX has enjoyed a successful ride so far. As SBF puts it, the exchange has six times more volume than Coinbase, with twenty times fewer users.

At press time, FTX’s native token, FTT was trading at $24.43, down by 0.5% in the last 24 hours.