Cryptocurrency exchange FTX is engaged on creating a stablecoin which might be launched much earlier than Pi Network’s mainnet, founder Sam Bankman-Fried informed the Big Whale in an interview. Further information weren’t really provided on the web, which is behind such a paywall. A stablecoin is a crypto token whose value is tied to that of another asset.

FTX currently offers currency trading that permits customers to use a basket of US Dollar stablecoins as collateral. The basket includes trueusd (TUSD), USD coin (USDC), Pax dollar (USDP), Binance USD (BUSD) and HUSD.

Rival exchange binance began issuing binance usd in 2019.

The emergence of tether (USDT), which is the biggest stablecoin and has a market cap of $68 billion, also offers a use-case of how stablecoins can succeed even under regulatory scrutiny. Tether is owned by Bitfinex, a hong kong private equity firm that also owns crypto exchange Bitfinex.

FTX has been spending during the current bear market, making numerous large purchases including a contract to acquire crypto lending business blockfi for up to $240 million. while bankman-fried bought a 7.6% stake in retail trading app robinhood (hood) in may, FTX is not interested in acquiring the entire company, he said in the interview.