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.
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.
Crypto markets were rocked last month when the value of terraUSD, a stablecoin that used a complex algorithm, collapsed, throwing a spotlight on the importance of stablecoins to the crypto trading world.
British Virgin Islands-based Tether's dollar-pegged stablecoin is the third-largest by market capitalisation, with some $68 billion in circulation.
It is the predominant medium for moving funds between crypto and regular cash. Its tokens are underpinned by a mixture of dollars, government debt and short-term debt issued by...
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