Crypto Exchange FTX Could Create its Own Stablecoin

Leading cryptocurrency exchange FTX is developing a stablecoin, according to CEO Sam Bankman-Fried in an interview with The Big Whale.

In the interview, Bankman-Fried stated that it is highly likely that FTX will produce a stablecoin, a crypto currency whose value is linked to the value of another asset. He explained that the exchange understands how to make one and is considering the ideal partner to work with. He also hinted to a forthcoming announcement.

Back in May of this year, the FTX chief had said that it is time to redefine stablecoins, following the Terra USD stablecoin collapse.

However, Bankman-Fried stated in a follow-up tweet on Friday that FTX is still determining the feasibility of the plans.

The latest crypto bear market has turned into a bargain hunt for FTX,  with the investment arm of the Sam Bankman-Fried led crypto exchange FTX having secured a 30% in SkyBridge Capital recently.

Before that in mid-June, FTX announced the acquisition of Canadian crypto exchange Bitvo, calling it “another step in proactively working with cryptocurrency regulators in different geographies across the globe.”

Although FTX has denied it since, rumors have been going around of the exchange targeting trading app Robinhood as new acquisition. Plausible speculation, when you consider that Bankman-Fried personally has a 7.6% stake of $650 million in the trading platform.