In a move to boost stablecoin adoption, FTX crypto exchange has come up with an interesting proposition for banks. In a recent Twitter thread, the exchange called out financial institutions to reach out and discuss the possibility of accepting stablecoins in exchange for a $1 million reward.
<h2><strong>FTX Wants to Boost Stablecoin Adoption</strong></h2>
FTX exchange has been actively trying to cement relationships with banks across the world that allow users to have “near-instant and near-free deposits and withdrawals” through stablecoins.

In an effort to persuade financial institutions to reach out and explore the potential of adopting stablecoins, the exchange has offered $1 million to the first banks that come from each region. Additionally, it hinted at giving more in the future.
<blockquote><em>“How much would it cost to convince a bank to accept stablecoins? If we offered a $1m prize for the first bank in each region that does it, is that enough? Do you work for a bank and want to discuss this? We'd love to form a relationship like this if it means FTX users would have near-instant and near-free deposits and withdrawals,”</em> FTX Tweeted.</blockquote>
https://twitter.com/FTX_Official/status/1475917174858338305

FTX stated that its latest proposition is not only limited to U.S. banks but is open to other banks including credit unions.

The move comes after the exchange CEO <a href="https://www.cryptoknowmics.com/news/dogecoin-is-the-asset-we-chose-and-deserve-sam-bankman-fried/">Sam-Bankman Fried</a> called for regulatory clarity on crypto assets including stablecoins at a congressional hearing on December 8. According to him, stablecoins allow for instant payment solutions while reducing the risk of intermediaries and counterparties.

In 2021, stablecoins were on the receiving end of intense scrutiny from American regulators. For instance, the President’s Working Group on Financial Markets released a report last month suggesting that stablecoin issuers must be under the scrutiny of an “appropriate federal oversight” just like traditional banks. Similarly, the Undersecretary of the Treasury for Domestic Finance, Nellie Liang also hinted at additional laws affecting the coins.

FTX Offers $1M Reward for Banks that Accept Stablecoin

In a recent Twitter thread, the FTX cryptocurrency exchange has offered a $1 million reward for banks that accept stablecoins in a move to boost adoption.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

FTX Offers $1M Reward for Banks that Accept Stablecoin

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