FTX Phase 2: $5 Billion Stablecoin Repayment to Creditors Begins via BitGo, Kraken After Three-Year Wait

FTX has initiated Phase 2 of creditor repayments, distributing over $5 billion in stablecoins to eligible creditors starting May 30, 2025. The distribution process began at 15:00 UTC and is being carried out through BitGo and Kraken.

This round covers holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes who completed pre-distribution requirements, with a record date of April 11, 2025. Funds are expected to arrive within one to three business days. Over $2 billion in distributions began on May 30.

The payout represents nearly 2% of the total stablecoin market capitalization. This is the second round of repayments since FTX's collapse three years ago, and further payment rounds are expected to be announced.

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