Tether is set to launch a new stablecoin pegged to the British pound early next month. "We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets," Tether CTO Paolo Ardoino said in the statement. While Tether has several fiat-pegged stablecoins, its USD-pegged stablecoin USDT remains the most popular, although it has recently seen significant redemptions amid panic over the collapse of algorithmic stablecoin terraUSD (UST) and general market downturn.