5232 Tether launches new "stablecoin" tied to the pound

Tether launches new “stablecoin” tied to the pound

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-Tether, the controversial stablecoin that underpins more than $60bn of the crypto economy, is launching a British version to capitalise on the UK governments desire to make Britain a global cryptocurrency hub.

-The digital asset will be built on the Ethereum blockchain, but its value will be set at 1.

-We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer, said Paolo Ardoino, Tethers chief technology officer.

-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 less than $20,000. Tether slargest token, the USD tether, has fallen by more than $8bn in just over a week as holders race to cash out into safer assets, and the total value circulating has dropped by nearly $20bn since the peak.

-Despite the crypto crash, the UK government says it continues to support the sector, and singled out stablecoins as an area needing regulatory encouragement.

 

 

5232 Tether launches new "stablecoin" tied to the pound
Tether launches new "stablecoin" tied to the pound 3

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