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FTX Working on Creating Stablecoin, According to CEO Sam Bankman-Fried

UTC by Tolu Ajiboye · 3 min read
FTX Working on Creating Stablecoin, According to CEO Sam Bankman-Fried
Photo: Depositphotos

Sam Bankman-Fried recently disclosed that FTX plans to issue its own stablecoin at some point, but did not go into details.

According to reports, prominent crypto exchange FTX is working on creating a stablecoin. In a recent interview with The Big Whale, the CEO of the Bahamian-based exchange Sam Bankman-Fried confirmed that it is possible. When asked directly, Bankman-Fried’s response was definitive, “Yes, it is very likely”. Touting FTX’s ability to float a stablecoin, the CEO said:

“We know how to create a stablecoin. We’re just thinking about the best partner to do it with.”

However, when asked to expound further on the stablecoin project, Bankman-Fried was humorously dismissive, instead replying with “you’ll be hearing from us again soon”. In addition to a projected FTX stablecoin, the company’s chief executive suggested that FTX may become a bank in the future.

FTX Chief Comments on Crypto State of Affairs Beyond Projected Stablecoin Issuance

Bankman-Fried switched to other related affairs during the interview. Touching on the present state of the broader crypto space, the FTX boss expressed deeper optimism in crypto regulations. He also expressed faith in the strides made so far by the Biden administration regarding crypto governance.

Bankman-Fried explained that his confidence has grown considerably from where it was a year ago. He also predicted the trajectory of crypto regulations, suggesting that it will accelerate in the coming year. Despite his optimism, the CEO harbors slight reservations regarding how macroeconomic parameters will influence crypto growth. As he put it:

“I honestly don’t know. I can’t say what exactly will happen from a macroeconomic point of view in the coming months. It all depends on the interest rates. If there is a real rise in interest rates, a lot could happen. There could be further sharp movements in the markets. But overall, I’m pretty optimistic about the future of cryptos because the industry keeps growing.”

Bankman-Fried also added that crypto tech is improving and pointed to increased use cases for digital currencies.

On how FTX is currently coping with the present bear market, Bankman-Fried noted that the exchange is more concerned with continuous progress.

“Every day we continue to grow the business, create services and new tools for customers,” said he.

The FTX CEO concluded that although the markets are less dynamic and tenser, this does not necessarily dampen FTX’s operational outlook.

FTX Acquisitional Outlook

During the media session, Bankman-Fried weighed in on the increasing number of acquisitions his company has undertaken. According to him, these transactions have helped prop up the crypto marketplace and consolidate FTX’s position in the US. Bankman-Fried foresees FTX gaining more market share in the space due to the increased visibility gained via these acquisitions.

The FTX CEO also clarified that the exchange is not currently interested in acquiring Robinhood. Instead, the crypto exchange’s focus remains squarely on growing organically.

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