Crypto

Tether Plans to Launch British Pound-Pegged Stablecoin Soon

The company responsible for the development of Tether is about to launch an asset pegged to the British Pound

The company behind the development of the largest stablecoin by market cap, is about to launch a new asset pegged to the British Pound (GBPT).

Only few weeks from releasing a stablecoin pegged to the Mexican Peso (MXNT), Tether has now announced another asset concentrate on the British Pound. This asset which will be called (GBPT) will work at the beginning on the top of Ethereum (ETH), while more blockchain network will be added in the near future.

The company announcement says that the asset will be available in the market early next month (July) on Ethereum blockchain.

GBPT will be considered as Tether’s fifth fiat-pegged stablecoin, right after the largest stablecoin by the market cap (USDT), Euro-pegged (EURT), Chinese Yuan-pegged (CNHT), and the mentioned (MXNT) which was released less than a month ago.

“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.” – commented Tether’s CTO Paolo Ardoino.

Tether decided first to explore the market of the United Kingdom after the Treasury’s plans to turn the nation into one of the global crypto hub, which was confirmed by the finance minister of the UK.

The United Kingdom is currently seeking to recognize stablecoins as a valid payment form, which is something surprising since the Bank of England has been against the crypto.

USDT is however still the largest stablecoin by the market cap but its dominance was decreased during the market crash as multiple stablecoins like USDC increased their market share.

By the time of writing this article, Tether (USDT) is trading at $0.999 in red.

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