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Was It the Right Time for Another Stablecoin?

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In the thick of the ongoing crypto winter, Tether announced it’s growing its stablecoin offerings with a new crypto pegged to the British pound sterling. The Tether tokens, which will be available in early July, will be pegged on a 1 to 1 ratio to the British Pound and will be built by the developers of Tether USDT on the ethereum blockchain.

Was it the right time for a new stablecoin?

Ross Mac of Maconomics broke down everything we know so far on the latest episode of the Crypto Minute on TheStreet.

Full Video Transcript: 

They say timing is everything…which is why a lot of people are questioning is now the right time for another stablecoin? In the thick of the ongoing crypto winter, Tether just announced it’s growing its stablecoin offerings with a new crypto pegged to the British pound sterling.

The Tether tokens, which will be available in early July, will be pegged on a 1 to 1 ratio to the British Pound and will be built by the developers of Tether USDT on the ethereum blockchain. Back in April, the Treasury of the UK announced its ambitions to become a crypto hub, but is now the right time?

Not only are we in the midst of crypto winter, but this news comes out amid increased scrutiny of stablecoins following the over $40 billion collapse of the algorithmic Terra Stablecoin and Luna. Now, while Tether tokens are backed by cash or cash equivalents, we have seen large redemptions causing Tether’s market cap to fall 19% since May to around $66 billion, according to CoinGecko. What do you think of the timing?

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