FTX announces the launch of its own stablecoin

In an interview with The Big Whale, FTX CEO Sam Bankman-Fried said that the crypto exchange is working on its own «stablecoin.» The CEO assured that although the platform has its own technical base for creating and launching a stablecoin, the crypto exchange intends to do it as part of a partnership.

SBF, the founder of FTX and alameda, said «we're working on our stablecoin». According to @TheBigWhale_ He said Binance converts USDC -→ BUSD and starts the Second Great Stablecoin War before. https://t.co/G9ht2P95in

— Wu Blockchain (@WuBlockchain) October 27, 2022

According to CoinGecko, Tether’s USDT with a capitalization of $ 68.5 billion is the leader in the stablecoin segment. It is followed by USDC ($ 43.9 billion) and BUSD ($ 21.5 billion). Over the past 30 days, Centre’s stablecoin has dropped by almost 11%, while Binance’s has increased by 1.8%.

Beckman-Fried noted that positive interest rates have made stablecoins more profitable than before. At the same time, the head of FTX said that his crypto exchange is still one of the largest independent companies in the stablecoin ecosystem.

The businessman clarified that the company’s priority is to launch a stablecoin through cooperation with a third party. He did not disclose any details. «A lot depends on the fact that we are trying to find partners with whom it would be interesting to work.I think everything is possible, and we will hear something concrete on this topic in the near future,» the FTX CEO summarized.

Interestingly, Benkman-Fried recently called Binance’s conversion of USDC, USDP, and TUSD balances to BUSD, which the exchange launched in late September, the «Second Great Stablecoin War.» Thehead of FTX emphasized that the first «stablecoin war» was fought back in 2018, when USDT and USDC became the two leaders. Today, USDT still has many advantages over other stablecoins, with a market share of about 48%.