Sam Bankman-Fried, founder of the crypto exchange FTX, says he hopes FTX will soon join most other major exchanges in having launched a stablecoin.

See related article: FTX CEO Sam Bankman-Fried says action needed on global rules for cryptocurrencies 

Fast facts

  • When asked in an interview with The Big Whale if FTX could launch its own stablecoin, Bankman-Fried said: “We certainly could. We know how to do it,” but has so far not done so in the hopes of finding a suitable partner, as “collaboration on that can be really powerful.”
  • He did hint, however, that progress could be made soon and to expect an announcement of an FTX stablecoin “in the not too distant future.”
  • FTX is one of the few major crypto exchanges without a stablecoin. Bankman-Fried referenced this when he tweeted on Sunday that Binance-backed BUSD supply growth indicates the beginning of the “Second Great Stablecoin War.” 
  • Bankman-Fried argued that in this second “war” several things are different, including how positive interest rates will bring stablecoins more revenue, and that issuers have “all learned the core lesson” of always allowing redemption “or your stablecoin will no longer be stable.”
  • Bankman-Fried refers to the first one as being “fought in ~2018, ended with USDC and USDT edging out TUSD/GUSD/USDP.”

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