The Future of Money: Blockchain Stablecoins
Updated: Jul 13, 2022
Tether, one of the most famous platforms to trade stablecoins, announced the upcoming release of the stable coin pegged to Great Britain's Pound Sterling. For those of you who don’t know what a stablecoin is, here’s a mind refresher. A stablecoin is a cryptocurrency that is less volatile while offering the convenience, and privacy of crypto. They’re pegged to different national currencies (like the USD, the Euro, the Chinese Yuan, or even gold!). Tether’s vision is to help the UK become the crypto technology hub that the government envisions. “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 stable coins” said Paolo Ardonio, CTO of Tether.
These types of junctions between the crypto industry and the British government are essential for both sides, in which they can continue to benefit from each other if regulations are done in an adequate way.
Does this mean that the world of physical money will disappear? Quite the contrary. Despite the world using less cash and more credit cards during and after the pandemic, it still has some psychological value for people. But the introduction of cryptocurrencies, the DeFi blockchain, and peer-to-peer systems couldn’t have come at a better time. With the whole world praising these financial services and all the benefits that come with it, the establishment of digital currencies is here for us to benefit from them in many ways.