Tether announced that Tether tokens (GBPT) pegged to the British Pound Sterling will be slated for launch in early July. It will be joining the ranks of other fiat-pegged Tether tokens available in the market such as the US dollar-pegged USDT, Euro-pegged EURT, offshore Chinese Yuan-pegged CNHT, and Mexican Peso-pegged MXNT.
Like any stablecoins, GBPT will be pegged 1:1 to the British fiat currency. With the creation of GBPT, the British Pounds is able to be placed on the blockchain and offer a quicker and cheaper method for asset transfer.
“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.”
Paolo Ardoino, CTO of Tether
Ardoino added that the company is ready and willing to work together with the local regulators in order to make this a reality.
Back in April this year, the UK Treasury announced that they have plans to make the country a global crypto hub. The government website also stated that they are working to ensure that the stablecoins would be seen as a legitimate payment mode.
Although Tether’s USDT is still the stablecoin top dog, Circle’s USDC is quickly climbing up the ranks as its market cap has went up by 5%.
Terra’s UST, which was formerly the third-largest stablecoin, was not as lucky as its competitors. Its collapse has caused many investors to lose faith in stablecoins and has started a redemption wave. However, Ardoino believes that the incident is proof that Tether is more than able to pull through the redemptions while maintaining its status.
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