Crypto exchange FTX starts working on creating a stablecoin

So far, further details about the development of the token remain unknown

27.10.2022 - 13:10

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What’s new? Cryptocurrency exchange FTX has started working on creating its own stablecoin. This was revealed by the platform’s head Sam Bankman-Fried in an interview with The Big Whale. FTX currently offers margin trading, which allows customers to use stablecoins pegged to the US dollar as collateral. The list includes TrueUSD (TUSD), USD Coin (USDC), Pax Dollar (USDP), Binance USD (BUSD), and HUSD. So far, further details about the development of the stablecoin remain unknown.

Interview on The Big Whale

What is known about FTX? It is a centralized crypto exchange headquartered in the Bahamas. It was founded in 2018 by trader Sam Bankman-Fried and programmer Gary Wang. As of 2022, the platform has more than one million registered users. There are 332 coins and 520 currency pairs on the platform. The daily trading volume as of October 27 is $2,13 billion, according to CoinGecko. The native token FTT is trading at $24,51, having gained 0,6% per day.

In early October, FTX announced the issuance of debit cards for its customers in partnership with Visa. The cards are already available in the US and will soon be launched in more than 40 countries in Latin America, Europe, and Asia. Bankman-Fried also said that the launch of spot trading in pairs with the token of the Cardano (ADA) network is already on the platform’s roadmap.

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