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Crypto giant Tether to launch sterling-pegged stablecoin

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LONDON (Reuters) - Major crypto firm Tether said on Wednesday it will launch next month a 'stablecoin' pegged to the British pound, a move that comes as London draws up plans to regulate the fast-growing type of digital currency.

FILE PHOTO: Smartphone with Tether logo is placed on displayed U.S. dollars in this illustration taken, May 12, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

Stablecoins are cryptocurrencies designed to keep a steady value against traditional currencies or commodities such as gold. They seek to avoid the volatility that makes bitcoin and other digital tokens impractical for most commerce. British Virgin Islands-based Tether's dollar-pegged stablecoin is the third-largest by market capitalisation, with some $68 billion in circulation.

 

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