Binance sells off FTT tokens, after word of FTX steblecoin launch

Competition between stackablecoins is growing in the cryptosphere.
The cryptosphere earlier this week discussed the decision of cryptocurrency exchange Binance’s management to gradually sell off its holdings in digital assets FTX token (FTT) to another cryptocurrency exchange, FTX, over the course of several months. The cryptocurrencies in question were obtained by Binance last year when Binance sold its stake in FTX, and in return received FTT and BUSD for a total of $2.1 billion. How much of that amount was FTT was not disclosed.
It is necessary to pay attention to the fact that Binance made such decision because of the “new information” which became known. Binance did not explicitly state what exactly the “new information” was, but in the cryptocurrency market some participants connected it with the fact that a study appeared, the results of which were refuted by the trading company of the FTX cryptocurrency exchange – Alameda.
Alameda stressed that the study did not take into account that Alameda has at least another $10 billion in assets. In addition, since June 30, Alameda’s reporting date, that company has significantly reduced the amount of its liabilities, which will be reflected in the next scheduled statement.
Curiously enough, the whole information situation around FTX and its digital assets emerged just days later as FTX stated about its intention to “soon release its own Stablecoin.” Most likely, those plans won’t be hindered by FTX’s current situation. The fact is that FTT has shown resilience: after it momentarily sagged to $21.93 at the end of November 6, it climbed to $23 in the first half of November 7, eventually trading mostly in the $22.5 to $23 range.
An important point is also that Alameda said it was ready to buy Binance’s existing FTT digital assets at a fixed price of $22. Considering the fact that even amid the emerging information situation FTT did not linger below $22, the Alameda offer actually created a certain “floor” price for this digital asset, on which the market is so far oriented. In addition, Alameda has demonstrated with their offer that they have the liquidity to redeem FTT from Binance even in the short term.
As a reminder, last week it became knownLast week it was reported that FTX had become the first “regulated exchange in the UAE.
The information situation itself demonstrates the need for crypto exchanges, whether FTX or Binance, to regularly publish their financial statements, with auditing by major auditing companies – only that will give a reliable key to understand their financial situation for their clients and investors in accordance with the standards of financial transparency that have been in the world of finance for decades.

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