Tether to Launch GBP-Pegged Stablecoin

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Tether Operations Limited is launching a new fiat-pegged digital currency. This time it will be pegged to the British Pound Sterling, the stablecoin developer announced on Wednesday.


Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

The new stablecoin, GBP₮, is prepared to be launched in early July, but the company did not provide any specific date. Initially, the stablecoin will be available only on the Ethereum blockchain.

In addition, it has specified that the new stablecoin will be pegged at 1:1 to the British Pound Sterling.

Tether is known for its USD-pegged  stablecoin  cryptocurrency, fiat money, or to exchange-traded commodities, including gold, silver, or others. Advantages of StablecoinsOf note, stablecoins redeemable in currency, commodities, or fiat money are also said to be backed, whereas those tied to an algorithm are not considered to be so.There are several advantages of asset backed crypto. First, these coins are stabilized by assets that fluctuate outside of the crypto space, that is. This can help mitigate the financial risk associated with these assets.For example, Bitcoin and altcoins are highly correlated, so that cryptocurrency holders cannot escape periodic price falls. Stablecoins control for this vulnerability, allowing for the diversification of risk in a portfolio.Stablecoins also possess a mechanism for redeeming the asset backing them. This grants an additional level of confidence associated with the coin and are unlikely to drop below the value of the underlying physical asset, due to the effects such as arbitrage.For example, fiat-pegged coins are coins that are tied to a specified amount of fiat currency, usually on a one-to-one ratio (i.e.1 StablecoinX = $1). The companies that issue these currencies must have fiat reserves in the equivalent amount of the stablecoins they have issued.Crypto-pegged stablecoins constitute coins that are tied to a specified amount of another cryptocurrency, such as Bitcoin or Ethereum. Algorithmic stablecoins use supply-and-demand to automatically maintain a stable value.

Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including gold, silver, or others. Advantages of StablecoinsOf note, stablecoins redeemable in currency, commodities, or fiat money are also said to be backed, whereas those tied to an algorithm are not considered to be so.There are several advantages of asset backed crypto. First, these coins are stabilized by assets that fluctuate outside of the crypto space, that is. This can help mitigate the financial risk associated with these assets.For example, Bitcoin and altcoins are highly correlated, so that cryptocurrency holders cannot escape periodic price falls. Stablecoins control for this vulnerability, allowing for the diversification of risk in a portfolio.Stablecoins also possess a mechanism for redeeming the asset backing them. This grants an additional level of confidence associated with the coin and are unlikely to drop below the value of the underlying physical asset, due to the effects such as arbitrage.For example, fiat-pegged coins are coins that are tied to a specified amount of fiat currency, usually on a one-to-one ratio (i.e.1 StablecoinX = $1). The companies that issue these currencies must have fiat reserves in the equivalent amount of the stablecoins they have issued.Crypto-pegged stablecoins constitute coins that are tied to a specified amount of another cryptocurrency, such as Bitcoin or Ethereum. Algorithmic stablecoins use supply-and-demand to automatically maintain a stable value.
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, USDT. Though the crypto company remains highly controversial for being opaque about its USD chest that is backing the USDT. However, it continued to expand its offerings, bringing more stablecoins pegged to the euro, Chinese yuan and Mexican peso.

Britain: the New Crypto Hub?

Also, the company highlighted that its move to bring a GBP-pegged stablecoin was pushed by the UK Treasury’s plan of making the country a cryptocurrency hub. The UK government is even considering recognizing stablecoins as a legal form of payment.

“We believe that the United Kingdom is the next frontier for  blockchain  innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer,” Tether’s Chief Technical Officer, Paolo Ardoino, said.

Tether Operations Limited is launching a new fiat-pegged digital currency. This time it will be pegged to the British Pound Sterling, the stablecoin developer announced on Wednesday.

The new stablecoin, GBP₮, is prepared to be launched in early July, but the company did not provide any specific date. Initially, the stablecoin will be available only on the Ethereum blockchain.


Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

In addition, it has specified that the new stablecoin will be pegged at 1:1 to the British Pound Sterling.

Tether is known for its USD-pegged  stablecoin  , USDT. Though the crypto company remains highly controversial for being opaque about its USD chest that is backing the USDT. However, it continued to expand its offerings, bringing more stablecoins pegged to the euro, Chinese yuan and Mexican peso.

Britain: the New Crypto Hub?

Also, the company highlighted that its move to bring a GBP-pegged stablecoin was pushed by the UK Treasury’s plan of making the country a cryptocurrency hub. The UK government is even considering recognizing stablecoins as a legal form of payment.

“We believe that the United Kingdom is the next frontier for  blockchain  innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer,” Tether’s Chief Technical Officer, Paolo Ardoino, said.



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