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On 4 April, the UK government announced plans to establish the country as a “global hub” for the crypto industry. Stablecoins were developed as solution to that problem with the first example, Tether (USDT), pegging its value to the US dollar. Other stablecoins have their values pegged to gold and, in the case of the Petro, the value of a barrel of oil made in a specific part of Venezuela. The Venezuelan government had tried to increase the general adoption of the general cryptocurrency with the Petrocoin.