Tether Launches a British Pound Pegged Stablecoin in July

Tether just released a stablecoin that was tied to the Mexican Peso. Now, the company has launched a new product that is based on the British Pound. GBPT will initially work on Ethereum. Other blockchain networks may be added later.

The company’s announcement reads that the new stablecoin will hit the market in early July on Ethereum.

It will become Tether’s fifth fiat-pegged stablecoin, after the largest by market cap – USDT, the Euro-pegged EURT, the offshore Chinese Yuan-pegged CNHT, and the MXNT, which saw the light of day recently and is pegged to the Mexican Peso.

“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.

The company decided to explore the UK market following the Treasury’s plans to turn the nation into a global crypto hub, which was later confirmed by the UK’s Finance Minister.

The country also wants to recognize stablecoins in payment. This is quite surprising considering the Bank of England’s past history of opposition to the crypto industry.

The statement clarified that GBPT, as the name implies, will be a stablecoin that is pegged 1:1 to Pounds.

USDT remains the largest stablecoin in terms of market cap but its dominance was reduced during the latest market crash as other competitors – such as USDC – increased their market share.

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