The UK is the “next frontier for blockchain innovation”, according to Tether’s CEO.

The government has previously stated its ambition to make Britain a global cryptocurrency hub, and Paolo Ardoino believes the country has an important role to play in the evolution of blockchain.

Ardoino said: “We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.

“Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins.”

Earlier this year, John Glen – the UK Financial Services Minister – explained that he sees “enormous potential in crypto”.

The politician also explained that the country already has in place a “detailed plan [for] harnessing the potential of blockchain”.

He said in a speech: “What does the future of crypto here in the UK look like? No-one knows for sure.

“But we think that by making this country a hospitable place for crypto we can attract investment [and] generate swathes of new jobs.”