Sam Bankman-Fried: FTX intends to introduce its own stablecoin

Bankman-Fried spoke about a variety of industry perspectives regarding the exchange's perch amid the continuing crypto winter in an appearance with Web3 news outlet The Big Whale.

Bankman-Fried reaffirmed that FTX's role, regardless of perceived notion, is to help preserve industry rebalancing which will, in fact, benefit everyone. This is in contrast to the common perceived notion that FTX is the ultimate gainer in the market depending on its victory in acquiring Voyager Digital and BlockFi, both crypto lenders that ended up getting revved up as price levels of investments tumbled.

The FTX CEO recognized that the current crypto winter is the “first actual Bear Market we've gone through,” but said that since the company is always developing, it is not having an impact on its operations, he mentioned:

“One of the main characteristics of crypto platforms is that our operation is not impacted by the market downturn any more than that,”

He further added:

“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.”

Even though the strategy for launching the stablecoin was vague, aside from the fact that it would be done in collaboration with other significant players in the market, the action was not unexpected given that Binance exchange, the trading platform that FTX is still vying to surpass in aspects of daily trading volume, had already initiated its own stablecoin.

The collapse of TerraUSD (UST), the token connected to the Terra ecosystem, has brought intense regulatory attention and monitoring to the Web3 network. Given FTX's attitude, the exchange might be in a great spot to introduce a stablecoin that complies with regulatory requirements.

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