Sam Bankman-Fried hinted that his cryptocurrency exchange, FTX, is exploring creating its own stablecoin, a digital token designed to be tied to the value of another asset like the U.S. dollar, he told The Big Whale in an interview Thursday."It's very likely" that FTX will develop a stablecoin through a partnership and possibly launch one in the "not-too-distant future," the 30-year-old billionaire investor said.A slew of major crypto exchanges have already launched their own stablecoins, such as Binance's BUSD (BUSD-USD) issued by Paxos. The market cap of such coins totaled $147.6B at the time of writing, according to CoinMarketCap data, with tether (USDT-USD) ($68.9B) and USD Coin (USDC-USD) ($43.9B) accounting for around 75% of that total.Elsewhere, Bankman-Fried ruled out FTX's potential takeover of retail trading app Robinhood Markets (NASDAQ:HOOD) after he acquired a 7.6% stake in the company in mid-May.FTX did not immediately respond to Seeking Alpha's request for comment.In September, SBF said the real pain in cryptos is likely over.
