“We believe that the UK is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We look forward to helping lead this innovation by providing cryptocurrency users around the world with access to a British pound-denominated stablecoin issued by the largest stablecoin issuer,” said Paolo Ardoino, CTO of Tether, adding “Tether is ready and willing. to work with UK regulators to make this a reality and looks forward to continued adoption of Tether stablecoins.”
According to the company, the GBP stablecoin will reinforce the British pound sterling as one of the most dominant currencies in the world and will introduce an exchange opportunity for the USD and the EUR, and will also act as an access ramp to the decentralized financial ecosystem.
Stable cryptocurrencies are one of the most used tokens in the field of cryptocurrenciesand were adopted by traders and investors as a store of wealth to safeguard portfolios against market volatility.
The number of stablecoins fell amid the collapse of Terra USD. Tether was hit harder by the cryptocurrency crisis than its rivals. Total tether circulation is down to $67 billion ($93 billion), according to CoinGecko data, compared to a peak of more than $83 billion in early May.
The new pound token comes at a time when central banks in Europe and Britain are pushing for Central Bank Digital Currency (CBDC), a state-issued version of stablecoin cryptocurrencies.
The Bank of England (BOE) continues to discuss with market participants the possibility of launching a digital British pound. The BOE has said that the token would not arrive until the second half of this decade, if approved. Great Britain has announced plans to regulate stablecoins under existing e-money legislationalthough it is not the same as accepting them as legal tender.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
