Tether to Launch Stablecoin Pegged to the British Pounds Sterling

June 23, 2022

Reading Time: 2 minutes

Not quite long after releasing a stablecoin pegged to the Mexican Peso, Tether, the company behind the largest stablecoin (USDT) by market cap is set to launch another stablecoin tied to the British Pounds Sterling (GBPT).

As per the announcement by the company, the stablecoin (GBPT) will hit the market by July on the Ethereum blockchain, while other networks may be added in the meantime.

GBPT will be the fifth fiat-tied stablecoin by Tether after the largest stablecoin by market cap, USDT, the Euro-pegged EURT, the offshore Chinese Yuan-pegged CNHT, and the recently launched MXNT.

The move was prompted by the Europe and UK central banks’ push for their digital currencies (CBDCs) coupled with the UK’s ambition to become the leading country in blockchain technology, which may, in turn, make the region and the country fertile ground for Tether to thrive.

In a statement by the CTO of Tether, Paolo Ardonio, “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.”

“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,” said Ardoino.

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What Are Stablecoins?

Stablecoins are cryptocurrencies whose value is pegged to a stable reserve asset like the US dollars, or British Pounds to stabilize the price, visit our blog to read more about stablecoins.

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