Chancellor of the Exchequer, Rishi Sunak, has announced his ambition to make the UK a global hub for crypto-asset technology, in a move that'll see some cryptocurrencies called stablecoins recognised as a valid form of payment.
Unlike Bitcoin, which is a private, decentralised digital currency, stablecoins are cryptocurrencies designed to have a stable value relative to traditional currencies, or to a commodity such as gold. For example, Tether is the largest stablecoin current market value of nearly $70 billion. Others include Dai and Binance USD. However, the Treasury has not yet confirmed which stablecoins will be regulated.
