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Tether launches new pound stablecoin GBPT

Stablecoin Tether GBPT Cryptocurrency

Source: Pexels.com

Tether Limited, issuer of the largest stablecoin by market capitalization USDT, is launching a new stablecoin in early July 2022. The new stablecoin, called “GBPT,” will be pegged to the British pound sterling and the “initial blockchain support” will “include Ethereum,” Tether Limited said in a press release on June 22, 2022

United Kingdom as a global crypto hub

Tether Limited said it was responding to statements by the UK Treasury to “make the country a global crypto hub.” The UK Treasury is seeking to have “stablecoins recognized as valid form of payment” in near future. 

Similar to existing stablecoins created by Tether Limited, GBPT will be a stable digital asset pegged 1:1 to the British pound sterling.

Stablecoin GBPT will put British Pounds on the blockchain

“The creation of GBPT will put British Pounds on the blockchain and provide a faster, less costly option for asset transfers. 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”, says the company.

In addition to GBPT and USDT, which is pegged to the U.S. dollar, Tether also offers EURT, which is pegged to the euro. On top of that, the company offers CNHT, which is pegged to the Chinese yuan and MXNT, which is pegged to the Mexican peso.

Disclaimer

This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.

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