FTX is working on creating a stablecoin, says Sam Bankman-Fried

FTX is working on creating a stablecoin, says Sam Bankman-Fried

By Hassan Maishera - min read

FTX boss Sam Bankman-Fried (SBF) has revealed that the cryptocurrency exchange is working on creating its stablecoin.

Sam Bankman-Fried, the CEO of FTX crypto exchange, has revealed that the company is currently working on creating its stablecoin. 

He revealed this during an exclusive interview with The Big Whale on Thursday, October 27th. Creating a stablecoin would put FTX in the same category as Binance, which is one of the crypto exchanges with a stablecoin (BUSD).

During the interview, SBF said it is very likely that FTX will create a stablecoin. However, he added that the stablecoin’s value would be tied to that of another asset. He pointed out that FTX knows how to create a stablecoin and is already thinking about the best partner to work with.

An official announcement regarding the stablecoin development will soon come, he added. When asked how FTX is performing at the moment, considering this is the company’s first time in a bear market. SBF said;

“Yes, this is the first real Bear Market we’ve been through. But 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. Every day we continue to grow the business and 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”

The crypto market has been in a bearish trend for the past year, and it has affected numerous companies. When asked how long he thinks the bear market will last, SBF said;

“I honestly don’t know. I can’t say what exactly will happen from a macroeconomic point of view in the coming months. It all depends on the interest rates (of the central banks, editor’s note*). If there is a real rise in interest rates, a lot could happen. There could be further sharp movements in the markets. But overall, I’m pretty optimistic about the future of cryptos because the industry keeps growing. There are more and more use cases, the technology is improving (understand everything to Web3), and the regulation is gradually being put in place.”

FTX is one of the biggest spenders in the cryptocurrency market. Last month, SBF revealed that the company still has $1 billion to spend on acquisition. 

The company recently won the bid to acquire Voyager Digital and is closing in on the acquisition of the cryptocurrency firm.