FTX May Launch Own Stablecoin ‘in the Not-too-distant Future,’ CEO Says

Sam Bankman-Fried also shared that FTX has between $1 billion and $4 billion on hand to make acquisitions


Blockworks Exclusive art by axel rangel


key takeaways

  • FTX is “trying to find the perfect partners” for a stablecoin project, Bankman-Fried says
  • The exchange recently entered a deal to buy crypto lending business BlockFi for up to $240 million

FTX CEO Sam Bankman-Fried revealed that the crypto exchange is considering developing its own stablecoin in an interview with European publication The Big Whale.

Most major exchanges already have an asset-backed stablecoin. Binance, for instance, has Binance USD (BUSD) — issued by Paxos — and Coinbase, in collaboration with Circle, launched the USD Coin (USDC) stablecoin.

In that context, when asked if FTX could launch its own stablecoin, Bankman-Fried answered:

“We certainly could. We know how to do it. We’ve held off on doing it because, we think to some extent, collaboration on that could be really powerful.” 

FTX is “trying to find the perfect partners” to work with, and its users may be “hearing something from us on that topic in the not too distant future,” Bankman-Fried said.

Loading Tweet..

FTX’s focus at the moment is “to offer the best possible trading platform accessible to all” and so far this year “dealing with the Commodity Futures Trading Commission (CFTC) on some of our products,” has been keeping them busy, Bankman-Fried added.

Earlier this month, the crypto executive advocated for regulatory oversight of the crypto space, and stablecoins in particular, at an event hosted by the Bipartisan Policy Center in Washington, DC.

“Right now, the regulatory oversight of [stablecoins] is extremely unclear, it’s extremely messy and there are a lot of cooks hovering around the kitchen, but there’s no head chef,” Bankman-Fried said.

He also recently offered his own take on how the crypto industry should be regulated, drafting the document “Possible Digital Asset Industry Standards.” Many were quick to critique his ideas when it comes to centralized entities interfacing with DeFi. 

In response, Bankman-Fried addressed the “constructive feedback” via Twitter, offering thanks and expressing his optimism for the future of the US policy landscape.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg


The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.


Plus, a dive into crypto’s ever-expanding unicorn club


Also, tokenization continues to grab headlines and one bitcoin miner stock soars Tuesday after inking a big deal


Fifteen million daily failed transactions disappeared from Solana


FTX debtors will pay the IRS $200M, with an outstanding lower priority claim of $685M


I’ve come to the realization that more attention is needed to create and sculpt the digital spaces where we live


The NYSE went down yesterday after a glitch caused a string of erroneous trades. Does DeFi fix this?