Tether to launch stablecoin pegged to the British pound

GBPT will become the company’s fifth stablecoin based on fiat currency

22.06.2022 - 10:15

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What’s new? Tether has announced the launch of a stablecoin, GBPT, pegged to the British pound sterling at a 1:1 ratio. According to a statement on the company’s blog, the launch of the new token is scheduled for early July. The asset will initially be available on the Ethereum network. GBPT will become Tether’s fifth fiat-pegged stablecoin after USDT (US dollar), EURT (euro), CNHT (yuan), and MXNT (Mexican peso).

Tether’s blog

What else does the blog say? Tether CTO Paolo Ardoino called the UK the next frontier for blockchain innovation and the wider adoption of cryptocurrencies in financial markets. He also added that the company is willing to work with local regulators.

Tether Limited is the largest issuer of stablecoins in the cryptocurrency market. The stablecoin USDT ranks third in the overall ranking of cryptocurrencies by capitalization with a figure of $66,9 billion, according to CoinMarketCap.

On June 15, Ardoino reported Tether’s intentions to conduct a full audit of USDT reserves. He also noted that the MHA accounting firm was currently confirming the reserves backing stablecoin on a quarterly basis.

On June 30, Circle, the issuer of the USDC stablecoin, will launch a euro-pegged stablecoin Euro Coin (EUROC) on the Ethereum network. The asset is fully backed by euro-denominated assets held at major US financial institutions. Once launched, the asset will appear on five exchanges at once: FTX, Bitstamp, Binance.US, Huobi, and Uniswap.

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