Tether launches cryptocurrency stabelcoin tied to British pound sterling

Cryptocurrency company Tether announced its intention to release next month a stabelcoin tied to the British pound sterling. The U.K. itself has been thinking about a similar instrument.

You can expect that a new option will now appear in the list of payment systems for affiliate programs.

Stablecoins are cryptocurrencies created to maintain a stable exchange rate against a currency or other valuable commodity, such as gold. Such digital assets allow crypto-traders to avoid the volatility that inevitably accompanies bitcoins and other digital assets.

Created and registered in the British Virgin Islands by Tether, pegged to the dollar, Stablecoin is the third most capitalized cryptocurrency with a turnover of $68 billion. It is backed by dollars and U.S. government securities.

Meanwhile, the U.K. is debating a law that would give certain agencies the authority of regulators to oversee stablcoin – the country plans to harness the potential of blockchain and cryptocurrencies to work with consumers. Tether Chief Technology Officer Paolo Ardoino has expressed a willingness to cooperate with British agencies.

So far, Tether has issued more than just dollar-linked steblecoins: the company also has digital assets equivalent to the euro, offshore Chinese yuan, Mexican peso and gold.

Tether reported that its tokens are backed by 1-to-1 matching currency. As of this writing, USDT is secured by $66.9 billion, EURT by 234 million euros, CHNT by 20.5 million yen, and MXNT by 19.5 million dollars. Tether also has a stable token called XAUT, backed by 246, 524 ounces of gold.

By introducing GBPT, Tether will create four tokens tied to fiat currencies. The USDT token is pegged to the U.S. dollar, EURT is pegged to the euro, CNHT is pegged to the Chinese yuan, and the newly created MXNT to the Mexican peso. Cryptocurrency users around the world will be able to use the new GBPT token as a form of payment for goods and services, as well as other financial transactions.

In April of this year, the UK Ministry of Finance announced plans to turn the country into a global cryptocurrency center. The British government will also take action to recognize stabelcoins as a form of payment in the country.

Earlier it was reported that the UK government, unlike the European Union, refused the decision to track all “non-custodial” cryptocurrencies (such as MetaMask).

Despite the huge cryptocurrency sell-off that is currently taking place, it does look like some of the world’s major federal governments are seeing the opportunities that stablecoins offer, as well as looking to make the most of the opportunities that they bring.

The UK federal government has introduced that when it has actually incorporated certain stablecoins into its policy, after that they can be identified as well as used as a legitimate form of settlement.

The UK has also stated that in the spirit of advertising a positive method for cryptocurrency in general, the Royal Mint will service the development of a unique NFT

According to information Tether Technical Director Paulo Ardoino, UK, is a very important web link in promoting stabelcoin around the world, and also looks forward to working with its regulators to promote this goal.

News Reporter
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