Crypto -Firms call on the UK to form a national strategy of a stable network

UK must create national stable Strategy for accepting acceptance signs and avoid lagging from the US by new devastating technology, several basic basic cry The firms said on Wednesday.

In an open letter addressed to the Minister of Finance, Rachel Rivz, 30 digits of the crystand, said the UK “must act now to avoid being a rule rather than producer of the rules in the digital asset era.”

“In order for the UK to be at the forefront, we believe that an active, coordinated national strategy is needed – one that positions stable not as a risk, but as a financial infrastructure that will be responsible,” the letter said.

The UK Treasury Division was not immediately available for comments when CNBC appealed.

Stablaca is the type of cryptocurrency that is tied to the existing currency supported by the government. The issue has some stable, but the most famous – USDT and Circle USDC Tether and Circle – both of them are tied to the US dollar.

According to Coingecko, the entire Stablecoin market costs more than $ 280 billion. But for stablecoins tied to the British pound, their combined market capitalization is only 461 224 pounds ($ 621,197).

Crypto Industry insiders have taken the question with the UK regulating position on stable diseases, saying that it puts the charged industry – and, in turn, the UK financial services landscape.

One aspects of the UK approach that worries the branch is the legal definition of the stabbed as “crystanding with reference to Fiat’s currency”.

“This definition is focused on form, not on the function,” they said in an open letter on Wednesday. “This is similar to determining the check as a paper with reference to currency, if both are essentially a contractual tools backed by regulated issuers.”

The national strategy of the Stabbits would strengthen the role of the UK as the Global Financial Center, will lead to new revenue revenue flows and support for gilding through new digital channels, according to the letter.

The letter signed the branch executives from BaseKraken, copper, firefighters, Beth and Vanek.

However, stablecoins are not deprived of their problems.

In 2022, the stable name Terra and his sister Token Luna collapsed to 0 dollars after failure in the main technology of cryptocurrencies. It also made the price of USDT temporarily drop below its $ 1. Currently, USDT is worth $ 1.

In a research note published on Wednesday, the HSBC digital assets, a dear Maher, wrote that Stablecoins could help overcome the gap between traditional finances and digital assets.

“They are mostly monetary equivalents of digital assets,” said Maher. “They are a benchmark or basic currency for almost every crypto.

However, he added that the regulation issues remain the biggest obstacle to a stable launch. “The key to the use of the stable potential is to create the appropriate regulatory environment for the sector,” said Maher.