Tether saves the Queen – Tether is the company behind the largest stablecoinnamely theUSDT. In total, nearly 67 billion USDT circulate through the crypto ecosystem, through 6 different blockchains. From now on, the company wants to expand its stablecoin offer by attacking the pound sterling.
A UK stablecoin is finally born thanks to Tether
We have just seen it. Tether is the company behind the number 1 stablecoin in the ecosystem: theUSDT. However, Tether is not just about this stablecoin and diversified its offer for several years.
So, in addition to its dollar-based stablecoin, Tether has launched several other stablecoins. We find theEURT based on the euro, the CNHT based on the yuan and the MXNT based on the Mexican peso.
On Wednesday June 22, the company announcement adding a new string to its bow with the launch of the GBPTa stablecoin pegged to the pound sterling.
“We believe the UK is the next frontier for blockchain innovation and the wider implementation of cryptocurrencies for financial markets. We hope to help lead this innovation by providing cryptocurrency users around the world with access to a sterling-denominated stablecoin. »
Paolo Ardoino, CTO (technical director) of Tether
The United Kingdom: next holy ground for stablecoins?
The choice of UK nothing out of the ordinary. So, as Tether’s announcement reminds us, the HM Treasury recently announced that it wants to make the UK a crypto hub. A step back from the hitherto intractable United Kingdom on the subject of cryptocurrencies.
Moreover, the government would be reflection as to the fact of recognize stablecoins as a valid form of payment. Therefore, it is not surprising to see Tether rush into the breach of a potentially favorable regulation United Kingdom.
Obviously, the company knows full well that the democratization of its GBPT stablecoin will not happen without the agreement of local regulators:
“Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins. »
At the same time, Tether may well have calculated its move to take advantage of the first mover advantage, being the first stablecoin issuer to set foot across the Channel. Indeed, its competitor Circle recently settled in the European market with the launch of its own euro-backed stablecoin.
For its part, theEuropean Union doesn’t seem to want to come to its senses. The latter continues to want to impose a hyper-surveillance of all crypto transactions and puts his bill back on top of the pile Mica.
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