Crypto exchange war: FTX is working on a stablecoin

In all the right moves – FTX plans to launch its in-house stablecoin. Sam Bankman-Fried’s platform is entering this new market, years after its main competitors. SBF also recently spoke out on crypto regulation, not without a stir.

A stablecoin for FTX: it’s never too late

In an interview with The Big Whale, FTX CEO Sam Bankman-Fried said that “ the crypto exchange was working on a stablecoin ».

Neither the collapse of Terra (UST), nor the bear markets, nor the hostility of regulators towards stablecoins, seem to have deterred the company from embarking on such a project.

FTX could thus finally follow in the footsteps of Binancewhich began issuing its stablecoin, Binance USD (BUSD), in 2019. Coinbase as for him had created the Centre Consortium in 2018, to develop the USD Coin (USDC) in partnership with Circle.

According to data from CoinMarketCap, currently the USD Coin and Binance USD are respectively the 5th and the 7th cryptocurrencies in terms of market capitalization.

FTX thus continues to develop new products and new services. The crypto giant even changes its face with its v2. Competition between exchanges is fierce and push platforms to adapt. The issue of stablecoins has become fundamental for the crypto sector.

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