FTX "USD" stable coin

Hi !

FTX seems to have its own stable coin named “USD” that groups all stable coin except Tether (USDT).

It looks like Koinly consider this FTX USD stablecoin vault as FIAT USD and then calculates profit.

At least, it’s what I understood from here:

Extract:
“USD, USDC, TUSD, PAX, BUSD, and HUSD all count as “USD Stablecoin” balances. Depositing any of those to your FTX wallet will credit you 1:1 with USD Stablecoins.

6 Likes

+1 for this. Could Koinly fix this asap please.

5 Likes

+1 agree this is a pain

2 Likes

Still same problem for me - Please Koinly at least respond to this issue as described below.
FTX allows you to send USD stable coins to FTX directly as USD. For example, I could send 100 USDC from Coinbase to FTX as USD. FTX received this as USDC, then converts directly to USD. FTX does not record a 100USDC to 100 USD conversion. When the transaction appears in Koinly, Koinly reports that there is incorrect balances. It will show USDC as +100 and USD as -100

Which exchange/wallet is this regarding?
FTX

How did you import data into this wallet?
Autosync

What have you tried to fix this so far?
Created a USDC to USD swap transaction

Still no fix to this issue as trying to do a USDC to USD swap transaction causes an incorrect Cost Basis in Koinly. I have over 700 transactions, so I don’t want to have to try and enter all transactions manually to see if that resolves the issue.

1 Like

I would love to hear some updates on this. This is the only thing that stops me from using Koinly.

Would be great if the USD stable coin issue was fixed, but I have the feeling the issue is with the FTX api, that report USDstabe as USD , Therefor there is no way to identify what has been converted to fiat and what has not