FTX Begins $5 Billion Stablecoin Distribution to Creditors: Market Impact Looms

FTX has initiated a $5 billion distribution of stablecoins to creditors, representing nearly 2% of global stablecoin supply. This move marks a significant step in the bankruptcy process and is expected to impact both Bitcoin and Ethereum prices. The distribution is being managed by FTX’s liquidation team and will begin today at 9:00 AM ET. While former executives remain silent, the process ensures transparency. Analysts predict increased capital flows into Bitcoin and Ethereum, potentially altering market dynamics. However, experts also note potential challenges to crypto stability due to macroeconomic factors.