FTX is working to create a Stablecoin, according to CEO Sam Bankman-Fried

According to reports, major crypto-currency exchange FTX is working on creating a stablecoin. In a recent interview with The Big WhaleFTX CEO Sam Bankman-Fried confirmed that it was possible. When asked directly, Bankman-Fried’s answer was definitive: “Yes, it’s very likely“.

Touting FTX’s ability to make a stablecoin work, the CEO said:

“We know how to create a stablecoin. We are just thinking about the best partner to do it.”

However, when asked to elaborate further on the stablecoin project, Bankman-Fried was humorously reticent, responding instead with “you’ll be hearing from us soon“. In addition to an FTX stablecoin project, the company’s CEO suggested that FTX could become a bank in the future.

FTX chief comments on the state of the crypto business beyond the stablecoin project.

During the interview, Bankman-Fried touched on other topics. Addressing the current state of the broader crypto space, the FTX boss expressed deeper optimism about crypto regulations. He also expressed confidence in the progress the Biden administration has made so far on crypto-currency governance.

Bankman-Fried explained that his confidence has increased significantly from where it was a year ago. He also predicted the trajectory of crypto-currency regulation, suggesting that it will accelerate in the coming year. Despite his optimism, the CEO has slight reservations about the influence of macroeconomic parameters on crypto growth. As he puts it:

“Honestly, I don’t know. I can’t say exactly what’s going to happen from a macroeconomic standpoint in the coming months. It all depends on interest rates. If there is a real rise in interest rates, a lot of things could happen. There could be further sharp moves in the markets. But overall, I’m pretty optimistic about the future of cryptos, because the industry keeps growing.”

Bankman-Fried also added that crypto technology is improving and pointed to the increase in use cases for digital currencies. On how FTX is currently dealing with the current bear market, Bankman-Fried noted that the exchange is more concerned with continued progress.

“Every day we continue to grow the business, create services and new tools for customers“, he said.

The FTX CEO concluded that even though the markets are less dynamic and tighter, it doesn’t necessarily hurt FTX’s operational prospects.

FTX Acquisition Outlook

During the press session, Bankman-Fried spoke about the growing number of acquisitions his company has made. According to him, these transactions have helped to support the crypto-currency market and solidify FTX’s position in the United States. Bankman-Fried expects FTX to gain more market share in this space due to the increased visibility gained from these acquisitions.

The FTX CEO also clarified that the exchange is not currently interested in acquiring Robinhood. Instead, the crypto-currency exchange’s focus remains squarely on organic growth.