Crypto Exchange FTX Is Working on Creating a Stablecoin

Exchanging cryptocurrencies According to CEO Sam Bankman-Fried in an interview with The Big Whale, FTX is developing a stablecoin.

The website's barrier prevented access to additional information. A cryptocurrency token whose value is correlated with another asset is known as a stablecoin.

Customers who use FTX's margin trading service can use a variety of US dollar stablecoins as collateral. TrueUSD (TUSD), USD Coin (USDC), Pax Dollar (USDP), Binance USD (BUSD), and HUSD are all included in the basket.

conflict exchange In 2019, Binance began issuing Binance USD.

The growth of Tether (USDT), the biggest stablecoin with a market worth of $68 billion, also shows how stablecoins can succeed even in the face of regulatory scrutiny. The Hong Kong holding corporation iFinex, which also runs the cryptocurrency exchange Bitfinex, is the owner of Tether.

In the midst of the current weak market, FTX has been investing, making numerous sizable purchases, including an agreement to buy the crypto lending company BlockFi for up to $240 million. Despite the fact that Bankman-Fried acquired a 7.6% share in Robinhood (HOOD), a retail trading app, in May, he stated in the interview that FTX was not interested in buying the entire business.

The request for comment from FTX was not immediately complied with.