FTX "USD" stable coin

Koinly Support
#1

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:
https://help.ftx.us/hc/en-us/articles/360043065054-Crypto-Deposits-and-Withdrawals

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.”

8 Likes
#9

+1

I love koinly’s software, but I would love if they could implement a fix for the USDC = USD as it is throwing off my transactions.

3 Likes
#29

big time need support on this one

#2

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

3 Likes
#3

+1 agree this is a pain

2 Likes
#4

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

1 Like
#5

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
#6

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

2 Likes
#7

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

#8

I tend to agree with you about this. I don’t think there is a made up stable coin called USDstable like the OP is mentioning.

FTX treats fiat USD as fiat USD, there is no need to differentiate. The majority of trading pairs on FTX are indeed fiat USD > crypto coin.

You’re not trading stableUSD/BTC on FTX, you’re trading USD/BTC.

I believe the FTX API is providing the correct data to Koinly, and I am sure the Koinly techs have looked at this issue and are perhaps not sure how to resolve it.

For now, whenever I deposit or withdraw a stable coin from FTX, I need to enter a manual trade transaction in Koinly.

Eg. I send 500 BUSD from FTX to Binance at 4:30pm. I now need to go and enter a manual trade transaction at 4:25pm which says “Sell USD > Buy 500 BUSD”.

There is no cost basis or CGT event because it’s 1:1.

The only time I’ve seen a CGT event is when selling stable coin I’ve been holding for a while and the foreign exchange rate has changed (USD is not my local currency).

I really hope Koinly can find a fix or workaround for this because entering these manual transactions can be tiring if there’s a lot of them.

#10

I think this is a simple fix and I’m surprised this is still the same since this post in Feb was posted. No guidance either on a work around. Appalling really. I’m looking around for software with better support. I’m not sure if I should make the leap with Koinly. Even some help would make me more inclined to sign up. :thinking:

1 Like
#12

This really needs fixing as soon as possible. There are very large differences between the USD, USDC and USDT balances reported by Koinly and the FTX API.

1 Like
#13

Looking to keep the thread open here - as this is a major issue and would appreciate some one from Koinly acknowledging this at least

1 Like
#14

I’m having this problem. So there is still no fix for this?

#15

Hello!

Alex from Koinly here :slight_smile:

Sorry for the inconvenience everyone! We’re aware of this issue and looking into a fix for it.
I’m not sure when this will be fixed but the workaround for now is to change those USD to a different stablecoin that you don’t use.

If anyone needs any help with this please send an email to [email protected]

Best regards,
Alex

1 Like
#16

How would you do this when using API and having lots of transactions. Guidance on that would be appreciated.

cheers, Tracy

1 Like
#17

Thanks Alex!

If there was a feature to mass edit manual transactions I could see that helping here. Would love to use FTX but this Stablecoin issue is a pain to deal with :frowning:

Thanks!

1 Like
#18

Same problem here.

We need mass edit transactions and api edit or a fix for this issue

1 Like
#19

Bien évidemment j’ai le même problème et en utilisant un bot de trading qui génère près de 1000 transactions automatiques à l’année: sans le correctif en masse des données erronées, c’est une situation très préjudiciable.
Merci d’apporter une solution rapidement.
Cordialement,

1 Like
#20

Same issue here. I have a ton of FTX balances that are out of whack. I believe another issue is that whenever you buy Spot vs USD it doesn’t recognize your spot balance and treats it as a margin trade so when you withdraw that coin it shows as a zero cost basis.