Crypto giant Tether to launch sterling-pegged stablecoin
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Stablecoins are cryptocurrencies designed to keep a steady value against traditional currencies or commodities such as gold. Tether's dollar-pegged stablecoin is the third-largest by market capitalisation, with some $68 billion in circulation. It is the predominant medium for moving funds between crypto and regular cash. Britain plans to legislate to bring some stablecoins under the oversight of regulators, part of a plan to exploit the potential of crypto and blockchain technology to help consumers make payments more efficiently. It said in May it will adapt existing rules to deal with major stablecoin collapses. The UK's finance ministry did not respond to a request for comment. Source