The billionaire creator and Chief executive officer of FTX, Sam Bankman-Fried, acknowledged that the trading platform is engaged in developing its stable coin project.
Sam Bankman-Fried, the creator of FTX, revealed the service’s plans to create a stable token in a recent in-depth interview. As the market capitalization of Binance rises as a result of higher trading volumes, FTX also discusses its thoughts on the anticipated stablecoin wars in this article.
The founder of FTX asserted that after the launch of its stable currency, a war between it and Binance’s stablecoin, BUSD, is unavoidable if it is to outperform Binance’s stable currency. Sam asserts that the recent launch of Circle USD as a certified Binance platform, a conversion by Binance.
He claims that this marks the beginning of a new rivalry among the 2 best used stable tokens. This also signals the beginning of a new stable coin market.
The statistics
Bancman-Fried refers to the 2018 Stable Coin Saga and notes that USDT and USDC emerged as the two most powerful players following the initial stable tokens war in which 5 stable tokens competed for top status.
Despite the fact that Stablecoin’s market share has reduced from 88 to 48 percent since 2020, Tether still outperforms USDC, whose share enhanced from ten to thirty-two percent within the same time.
The impending success of BUSD
Recently, Binance announced the automatic conversion of several stablecoins. With the change, BUSD’s market share of all coins kept in stables rose from ten to twenty percent. The market capitalization of BUSD has increased significantly over the last 2 years, according to data from CoinGecko’s ongoing tracking.
The BUSD stable token broke the twenty billion dollars barrier for the 1st time in cryptocurrency market history this month alone.
The most crucial thing to the service is to draw users and continue expanding in either case. Sam, the CEO of FTX, purchased Voyager Digital assets after a court approved the liquidation of Voyager earlier this year.
To combat the effects of the bear market, other cryptocurrency trading platforms, like Binance, appear to have adopted the same approach. Additionally, Binance expressed curiosity in Voyager’s cryptocurrency holdings by making an auction-style bid of more than $50 million.
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