FTX exchange proposes a reward of 1 million US dollars, hoping that the bank will accept stable coins

Stable currencies such as USDT are under scrutiny in the United States, and some lawmakers have called for more regulation of the industry.

The cryptocurrency derivatives exchange FTX is calling on banks to contact and discuss the possibility of accepting stablecoins in exchange for $1 million in rewards.

In a Twitter post on Tuesday, FTX stated that it is exploring establishing relationships with banks in different regions to allow users to make "near-instant and almost free deposits and withdrawals" through stablecoins. The exchange proposed the idea of providing a $1 million reward for the first bank in each region to accept tokens, but hinted that it would be open to more rewards.

"How much does it cost to persuade a bank to accept stablecoins?

If we provide a bonus of $1 million to the first bank in each region to accept stablecoins, will that be enough?

Do you work in a bank and want to discuss this issue? "

-FTX-Created by traders to serve traders (@FTX_Official) December 28, 2021

After FTX CEO Sam Bankman-Fried (abbreviated as SBF) proposed that the cryptocurrency field—including stablecoins—needs additional regulatory clarity in order to move forward as an industry, the exchange’s over 350,000 Twitter followers Recommended. According to the CEO, creating a “reporting/transparency/auditing-based framework” will “solve 80% of the problems while allowing stablecoins to flourish onshore”.

FTX stated that its target audience includes but is not limited to Bank of America, calling for an agreement on stablecoins, and is willing to talk to credit unions. The exchange is incorporated in Antigua and Barbuda and is headquartered in the Bahamas, but it also operates FTX US for US users.

"We just bought a bank, which is a good idea," said Oliver von Landsberg-Sadie, CEO of London-based BCB Group c. "We don't need prizes. You are already our customer. In the long run, we will all benefit."

This year, many US regulators have turned their attention to stablecoins. The US President’s Financial Markets Working Group issued a report in November recommending that issuers should accept “appropriate federal oversight” similar to banks. Nellie Liang, the deputy minister in charge of domestic finance at the Ministry of Finance, also hinted that more laws affecting stablecoins will be enacted.