FTX Will Introduce Their Very Own Stablecoin In The Near Future

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Last Updated on October 27, 2022 by Bitfinsider

During an interview with the European publication The Big Whale, FTX CEO Sam Bankman-Fried disclosed that the cryptocurrency exchange is mulling over the possibility of launching its very own stablecoin.

The vast majority of large exchanges now provide users with access to asset-backed stablecoins. Binance, for example, uses a stablecoin called Binance USD (BUSD), which is issued by Paxos. Coinbase, in conjunction with Circle, just created a stablecoin called USD Coin (USDC).

According to Bankman-Fried, FTX is “trying to locate the appropriate partners” to collaborate with, and the company has hinted that its users may “hear something from us on that matter in the not too distant future.”

Bankman-Fried noted that so far this year, “working with the Commodity Futures Trading Commission (CFTC) on certain of our products” has been keeping them busy. The current objective of FTX is “to deliver the greatest possible trading platform available to anyone.”

At the beginning of this month, the cryptocurrency executive spoke out in favor of regulatory monitoring of the cryptocurrency field as a whole and stablecoins in particular at an event held in Washington, DC and hosted by the Bipartisan Policy Center.

According to Bankman-Fried, the regulatory control of stablecoins is now “very ambiguous, it’s really untidy, and there are a lot of cooks lurking around the kitchen, but there’s no head chef.”

A document titled “Possible Digital Asset Business Standards” that he authored not too long ago also included his opinion on how the cryptocurrency industry ought to be governed and regulated. When it comes to the topic of centralized entities interacting with DeFi, many individuals were quick to criticize his ideas.

As a means of providing a reply, Bankman-Fried took to Twitter to address the “constructive input,” during which he expressed his gratitude and his hope for the future of the US policy landscape.

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