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A USDC, BUSD rival? FTX is set to launch a stablecoin soon

FTX

FTX boss Sam Bankman Fried has shared the company’s vision of developing a stablecoin. The FTX CEO was on an interview with The Big Whale, where he gave an insight into the company’s vision for designing the asset. From all indications, FTX is looking to follow in the footsteps of several exchanges that own their respective dollar-backed stablecoins. Some of the most popular are BUSD which is owned by Binance, and Coinbase‘s USDC.

FTX wants collaborators on the stablecoin project

During the interview, Bankman Fried was asked a direct question about designing and rolling out a stablecoin which he answered in the affirmative. However, he noted that the company had knowingly suspended all plans to develop it. Citing his reasons, he said he believes that getting collaboration for the project could be huge. However, Sam Bankman Fried added that they are still actively looking for partners on the project.

He also assured users that the stablecoin might be unveiled in the not-so-far future. The FTX CEO mentioned that the company is focused on providing the best trading services to its users across all markets. He also claimed that the company’s services had lagged a little due to their tussle with the CFTC over some of their projects.

Bankman Fried shows concern for the crypto market

FTX allows traders to leverage its platform to carry out margin trading of several dollar-backed digital assets. Tether is one example of how stablecoins could go on to become a success despite regulatory clampdown. The CEO also showed concern for the crypto market some weeks ago, releasing a proposal as to how he thinks regulators should handle the illegal activities in the crypto market.

He noted that there had been no clear-cut regulations regarding stablecoins despite most government agencies debating the topic. Meanwhile, the company has been making inroads into the market over the last few months despite the bear market persisting. Some of its acquisitions include the $240 million it splashed on BlockFi. The company also announced that it had bought a 7% stake in the brokerage platform Robinhood. However, the FTX CEO clarified that the company has yet to acquire the platform fully.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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