Tether to launch stablecoin tied to pound as UK aims to become crypto hub

Launch of digital asset to track value of 1 comes despite contraction of cryptocurrency sector

Tether, the controversial stablecoin" that underpins more than $60bn of the crypto economy, is launching a British version to capitalise on the UK government's desire to make Britain a global cryptocurrency hub.

Like its US dollar counterpart, of which $67bn (55bn) are actively traded on cryptocurrency markets, the launch will see a digital asset built on the Ethereum blockchain, with its value set at 1.