FTX has begun distributing over $5 billion in stablecoins to creditors, unleashing approximately 2% of the total stablecoin supply into the market.
FTX is set to release over $5 billion in stablecoins to creditors starting today, May 30. This marks the second major repayment wave to reimburse users who lost access to their funds after the exchange’s collapse in November 2022.
The initial announcement was made on May 15, with FTX confirming that distributions would start on May 30 and be completed within one to three business days, facilitated through BitGo and Kraken.
(2/3) Eligible creditors should expect to receive funds from their selected distribution service provider within 1 to 3 business days from May 30, 2025. Additional details are available in FTX’s press release here: https://t.co/g8BX2KfbOu
— FTX (@FTX_Official) May 15, 2025
These repayments follow the court-approved reorganization plan, which divides creditors into five “convenience classes.” Creditors eligible in this second round can expect to receive between 54% and 120% of their claims, based on cryptocurrency values at the time of FTX’s bankruptcy, according to FTX creditor advocate Sunil Kavuri.
FTX Distribution: 30th May
$5bn to be distributedClaims > $50k: 72% – intl
Claims > $50k: 54% – US
Claims =< $50k: 120%— Sunil (FTX Creditor Champion) (@sunil_trades) May 15, 2025
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This latest payout follows the initial round of reimbursements that began in February, which delivered roughly $1.2 billion to creditors. However, the second wave is significantly larger, representing about 2% of the total stablecoin supply.
According to analyst Miles Deutscher, this liquidity could quickly rotate back into the market rather than being cashed out, potentially driving major price movements. The timing is also critical, with Bitcoin (BTC) near its previous highs, which could amplify the impact of this new liquidity. Early on-chain data from BitGo and Kraken is closely watched to confirm how this liquidity disperses and influences prices.
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