FTX could launch its own stablecoin via a partnership, says Bankman-Fried by Yogita_Khatri5
But the exchange giant will prefer launching a stablecoin via partnerships, according to Bankman-Fried.
Crypto exchange operator FTX could launch its own stablecoin through a partnership, CEO Sam Bankman-Fried"We certainly could. We know how to do it," Bankman-Fried said when The Big Whale asked him if FTX will launch its own stablecoin."We hold off on doing it because I think to some extent collaboration 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.
While FTX is yet to decide its approach for a potential stablecoin launch, it won't be the first exchange to do so. Rival Binance launched its native stablecoin BUSD in September 2019 in partnership with Paxos. BUSD is currently the third-largest stablecoin in the market, after tether and USDC, with a total supply of around 22 billion, according to data compiled by The Block Research.
Last month, Binance started to prioritize BUSD over several others on its trading platform. The companya"BUSD Auto-Conversion" that converts users' existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio. Binance also ended trading pairs for the three stablecoins against BUSD and tether — as well as major cryptocurrencies like bitcoin and ether.
That move seems to be paying off Binance. The share of BUSD trading has increased on the platform, according to data compiled by The Block Research.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Yogita is a senior reporter at The Block and covers all things crypto.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Exchange FTX Is Working on Creating a Stablecoin: Report.FTX_Official is working on a stablecoin, according to SBF_FTX who was interviewed by TheBigWhale_. Reporting by oknightcrypto.
Read more »
Crypto Markets See Largest Short Liquidations in 15 Months; Ether Leads Token SurgeCrypto markets saw over $700 million in liquidations on short trades, or bets against price rises, a level last seen in July 2021. By shauryamalwa
Read more »
Crypto data firm Amberdata snaps up analytics platform Genesis VolatilityCrypto data firm Amberdata has bought out crypto options analytics provider Genesis Volatility.
Read more »
UK Crypto-Focused Parliament Group Calls on New PM Sunak to Clarify Crypto PoliciesA crypto-focused Parliament group in the U.K. led by MP Lisa Cameron is calling on new Prime Minister Rishi Sunak to provide clarity on the government’s commitments to the crypto sector. By LedesmaLyllah
Read more »
Crypto Council for Innovation poll sees crypto voters as a force to be reckoned withThe Crypto Council for Innovation has conducted a poll that showed crypto ownership is comparable with other assets, and voters want crypto to be treated as a valid part of the economy.
Read more »
ACCOINTING.com: Bitcoin and Crypto Taxes | Crypto Portfolio TrackerFile your crypto taxes in just a few clicks! 400+ exchanges supported. Try it out for free!
Read more »