Digital Assets: FTX CEO And Billionaire Sam Bankman-Fried Confirms The Crypto Platform May Launch Stablecoin

October 28, 2022 | Digital Assets, News

Bankman-Fried was speaking in an interview on The Big Whale.

FTX CEO and crypto billionaire Sam Bankman-Fried said during an interview with The Big Whale that FTX would probably launch its own stablecoin, thus joining the ranks of other crypto exchanges such as Binance, with its Binance USD (BUSD) issued by Paxos, and Coinbase, which launched the USD Coin (USDC) stablecoin in collaboration with Circle. (CryptoNews)

“Yes, it is very likely. We know how to create a stablecoin. We’re just thinking about the best partner to do it with. What I can tell you is that you’ll be hearing from us soon,” said Bankman-Fried. “I think you’ll probably be hearing something from us on that in the not-too-distant future.”

However, FTX has kept a hold on issuing its own stablecoin as it might like to do so in a partnership.

“We’ve held off on doing it because, I think to some extent, we think that cooperating on that can be really powerful and a lot of that ends with us trying to find the partners we’d be really excited to work with there,” said the billionaire.

Outlook on the crypto market

Bankman-Fried clarified that the exchange was going through its first real bear market, yet it was mostly business as usual because “every day we continue to grow the business, 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.”

He also sounded off optimistically on the future of crypto markets, though he anticipated further sharp movements if “there is a real rise in interest rates” : 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, and the regulation is gradually being put in place.”

Related Story: FTX And Its Billionaire Owner Sam Bankman-Fried Being Investigated By Texas State Securities Board

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