FTX CEO claims that the exchange could launch its own stablecoin

In an interview with The Big Whale, CEO Sam Bankman-Fried said that FTX could launch its own stablecoin through a partnership.

“We certainly could. We know how to do it,” Bankman-Fried said when The Big Whale asked him if FTX will launch its own stablecoin. In addition, SBF stated,

“We hold off on doing it because I think to some extent collaboration on that can be really powerful. And a lot of that ends with us trying to find the partners we’d be really excited to work with. But I think you’ll probably be hearing something from us on that topic in the not-too-distant future.”

While FTX has yet to decide on its approach for a potential stablecoin launch, it will not be the first. Binance, in collaboration with Paxos, launched its native stablecoin BUSD in September 2019.

Binance began prioritizing BUSD over several other currencies on its trading platform last month.

The company announced a “BUSD Auto-Conversion” feature, which converts users’ existing balances as well as new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio.