<br><div><p>Cryptocurrency alternate FTX is engaged on making a stablecoin, CEO Sam Bankman-Fried advised <a target="_blank" href="https://en.thebigwhale.io/article/exclusif-sam-bankman-fried-nous-travaillons-sur-notre-stablecoin" rel="nofollow noopener" data-ylk="slk:The Big Whale" class="link ">The Big Whale</a> in an interview.</p><p>Additional particulars weren't out there on the web site, which is behind a paywall. A stablecoin is a <a target="_blank" href="https://www.coindesk.com/learn/what-is-a-stablecoin/" rel="nofollow noopener" data-ylk="slk:crypto token whose value is tied" class="link ">crypto token whose value is tied </a>to that of one other asset.</p><p>FTX at present gives margin buying and selling that enables prospects to make use of a basket of U.S. greenback stablecoins as collateral. The basket contains TrueUSD (TUSD), USD Coin (USDC), Pax Greenback (USDP), Binance USD (BUSD) and HUSD.</p><p>Rival alternate Binance began <a target="_blank" href="https://www.binance.com/en-ZA/support/announcement/360033461831" rel="nofollow noopener" data-ylk="slk:issuing Binance USD" class="link ">issuing Binance USD </a>in 2019.</p><p>The rise of Tether (USDT), which is the biggest stablecoin and has a market cap of $68 billion, additionally offers a use-case of how stablecoins can thrive even beneath regulatory scrutiny. Tether is owned by iFinex, a Hong Kong holding firm that additionally owns crypto alternate Bitfinex.</p><p>FTX has been spending through the present bear market, making a number of massive acquisitions together with a <a target="_blank" href="https://www.coindesk.com/business/2022/07/01/blockfi-reaches-deal-with-ftx-us/" rel="nofollow noopener" data-ylk="slk:deal to buy crypto lending business BlockFi" class="link ">deal to buy crypto lending business BlockFi</a> for as much as $240 million. Whereas Bankman-Fried <a target="_blank" href="https://www.coindesk.com/business/2022/05/12/ftx-ceo-sam-bankman-fried-buys-56m-position-in-robinhood/" rel="nofollow noopener" data-ylk="slk:bought a 7.6% stake" class="link ">bought a 7.6% stake</a> in retail buying and selling app Robinhood (HOOD) in Might, FTX isn't serious about buying the complete firm, he mentioned within the interview.</p><p>FTX didn't instantly reply to CoinDesk's request for remark.</p></div>