Tether to launch stablecoin tied to pound as UK aims to become crypto hub
— Us dollars held, Uk government ’, Cryptocurrency markets, Stablecoins –, Safer assets, Mitigating potential financial stability risks, Crypto economy, Markets bill, Sign, Total value circulating — 1 min read
Tether, the controversial'stablecoin' that underpins more than $60bn of the crypto economy, is launching a British version. The digital asset will be built on the Ethereum blockchain, but its value will be set at £1. The launch of the GBPT token comes at an inauspicious time for cryptocurrencies. The sector as a whole has contracted from almost $3tn of trading tokens to less than $1tn, and the flagship cryptocurrency, bitcoin, has fallen from a high of $69,000 to $20,000. Despite the falls, Tether says its business has never been more stable, and points to the speed with which the billions were withdrawn as evidence of its firm foundations. The UK government says it continues to support the sector Source