SBF confirms FTX exchange’s plans to develop and launch a stablecoin

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FTX CEO, Sam Bankman-Fried, announced that the company is planning to introduce its own stablecoin in a recent interview. The billionaire claimed, without revealing any data, that the exchange is “very likely” to develop a stablecoin soon and knows how to handle it.

The company will probably follow other digital asset exchanges, such as Binance, the company with a market worth of over $21 billion, whose native stablecoin is currently the third-largest in the list and the seventh-largest cryptocurrency, if it actually launches the stablecoins.

He also discussed recent and potential future acquisitions and restated prior reports that FTX is considering acquiring new funds. He proceeded by saying that FTX has continued to “grow the business, create services and new tools for customers.” which has allowed his company to efficiently survive the ongoing bear market.

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FTX V2 on the way 

SBF believes that crypto payments are the next significant development for the business. Moreover, the American entrepreneur confirmed prior reports that the exchange is looking to raise more money, which it might utilize for acquisitions.The exchange recently disclosed the FTX V2 launch date of November 21 around Thanksgiving. 

Although, in July, the CEO aimed to help some struggling firms as he stated that FTX has “a few billion” in hands, he dismissed the rumors about buying Robinhood.

“The most important thing is to continue to grow, to attract users, whichever way you do it. We could buy a company like Robinhood, but that’s not what we’re looking at right now. Our challenge is to continue to grow organically,” he stated at the time.

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The CEO mentioned FTX’s deals with BlockFi and Voyager, claiming that they helped to stabilize the market during the period of greater uncertainty that resulted in the breakdown of the Terra ecosystem. He said that “they will allow us to strengthen our position in the United States and continue to gain market share.”

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