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The Guardian - UK
The Guardian - UK
Technology
Alex Hern Technology editor

Tether to launch stablecoin tied to pound as UK aims to become crypto hub

TER Crypto Cryptocurrency Paolo Ardoino
Gold plated souvenir cryptocurrency Tether (USDT), Bitcoin and Etherium coins arranged beside a screen displaying a trading chart.
Currently Tether is pegged to the value of the US dollar, with $67bn being actively traded on cryptocurrency markets. Photograph: Justin Tallis/AFP/Getty Images

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

Like its US dollar counterpart, of which $67bn (£55bn) is actively traded on cryptocurrency markets, the digital asset will be built on the Ethereum blockchain, but its value will be set at £1.

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