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FTX Founder Says It’s Time to Redefine the Term Stablecoins

Samuel Bankman-Fried (SBF) talks about how stablecoins could mean different things. The entrepreneur gave three different explanations in a Twitter (NYSE:TWTR) thread. He...
FTX Founder Says It’s Time to Redefine the Term Stablecoins © Reuters. FTX Founder Says It’s Time to Redefine the Term Stablecoins

  • Samuel Bankman-Fried (SBF) talks about how stablecoins could mean different things.
  • The entrepreneur gave three different explanations in a Twitter (NYSE:TWTR) thread.
  • He believes this description is necessary for those in the policy space.

FTX founder Samuel Bankman-Fried, also known by his initials SBF, tweeted earlier today about how stablecoins could mean different things. In the Twitter thread, he went on to describe three different definitions with examples.

“One thing it can mean is: stablecoin backed 1:1 by USD in a US bank account,” said the young crypto billionaire. “That’s what current drafts of US regulations are looking to license, as a first step.”

The entrepreneur continued to add, “Another is stablecoin backed >= 1:1 by liquid debt assets, treasuries, and USD.” He explained that this meant non-zero price risk, but that they generally stayed very close to $1 because they could be redeemed. SBF then cited the example of USDTs and explained how it stayed within a few % of $1 during this present crash.

The third definition offered by the young entrepreneur was: stablecoin backed >= 1:1 by a very volatile asset. These, he said, are algorithmic stablecoins. SBF uses UST as an example for this particular category.

Really we shouldn’t use the same word for all of these things. What we call ‘algorithmic stablecoins’ aren’t really stable in the same way that fiat backed stablecoins are. They’re more like structured products, and they need upside if they want to justify the risk.

SBF believes that even though people in the crypto space are already aware of these differences, this might not be the case in the policy space. He added that it was necessary to be explicit about it.

The responses to SBF’s thread were mixed. Some users agreed with him saying, “I was thinking yesterday exactly the same thing” and “So very true.” Others’ remarks weren’t this supportive with some even calling the post nonsensical.

SBF founded FTX three years ago as a derivatives exchange aimed at serious traders. Today, the company boasts a $32 billion valuation. Interestingly, SBF is widely seen as a trustworthy figure in the crypto space and someone that policymakers are more willing to engage with.

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22-05-2022 02:05:02 (UTC+7)

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 EUR/USD1.0562↑ Buy
 GBP/USD1.2489Neutral
 USD/JPY127.86Neutral
 AUD/USD0.7039Sell
 USD/CAD1.2839↑ Buy
 EUR/JPY135.05Neutral
 EUR/CHF1.0296↑ Buy
 Gold1,845.10↑ Buy
 Silver21.765↑ Sell
 Copper4.3042↑ Buy
 Crude Oil WTI110.35↑ Sell
 Brent Oil112.91↑ Sell
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 US Coffee C216.48↑ Buy
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 Hang Seng20,717.24↑ Sell
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 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
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