The Defiant

FTX Prepares Stablecoin For Launch: Report

FTX Follows Binance With Move to Release its Own Pegged Token

By: Aleksandar Gilbert

FTX Prepares Stablecoin For Launch: Report

An FTX stablecoin is in the works and may launch in the “not too distant future,” CEO Sam Bankman-Fried told European crypto publication The Big Whale in a recent interview.

“We know how to do it,” Bankman-Fried said in a video of the interview shared on social media. “We’ve held off on doing it because I think to some extent, we think that collaboration on that can be really powerful. And a lot of that ends with us trying to find the partners that we’d be really excited to work with there. But I think you’ll probably be hearing something from us on that topic in the not too distant future.”

Binance Coin

FTX did not immediately respond to a request for comment.

Raphaël Bloch, co-founder and editor-in-chief of The Big Whale, noted during the interview that other major crypto exchanges have released their own stablecoins, crypto tokens pegged to the value of something else, most often the U.S. dollar.

Binance has moved aggressively this year to boost its own stablecoin, BUSD. Last month, it announced it would delist three popular stablecoins — USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) — and convert users’ balances into BUSD. BUSD market capitalization has grown more than 8% since the announcement, according to data from CoinGecko.