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Great weather for Tether

The sun is shining for one of the biggest stablecoin?s, Tether (USDT), after they announced they will be launching a new stable coin that will be pegged to the British pound (GBP) as the UK plans to allow for payments with stablecoins.

The new stablecoin, GBPT, joins Tether?s four other fiat currency-pegged tokens which will be launching on the Ethereum blockchain in early July.

But what makes Tether different from other stablecoins? Well first of all, they're not an algorithm coin like the infamous TerraUSD. It?s different gravy, really.

Tether is something what is called an ?asset-backed stablecoin? which means that the token is 100% backed by either cash or a cash equivalent, like a treasury bill or bank deposit.