FTX working on a new Stablecoin: Sam Bankman-Fried
In a recent interview with The Big Whale, FTX Chief Sam Bankman-Fried (SBF) revealed that the popular exchange is working on creating a new stablecoin. Terra’s USTC algorithmic stablecoin was at the heart of the summer 2022 crypto market crash. Ever since regulatory bodies around the world have taken an increased interest in the space. Many agencies are tirelessly trying to bring stablecoins into their fold. JUST IN: FTX CEO Sam Bankman-Fried says the exchange is developing its own stablecoin. — Watcher.Guru (@WatcherGuru) October 27, 2022 FTX seemed to be following the steps of a fellow exchange, Binance. Binance launched its BUSD stablecoin pegged to the dollar in 2019. In its three short years, BUSD has attained a market cap of $20 billion. The other big stablecoin in the market is Tether’s USDT. USDT is the most widely used stablecoin and has the third largest market cap, behind Bitcoin (BTC) and Ethereum (ETH). Thus, given the success some stablecoin issuer...