A new fiat-pegged stablecoin named GBPT, pegged to the value of the British pound Sterling was unveiled on Wednesday by Tether, the firm behind the largest stablecoin by market capitalization. The announcement comes after Tether recently debuted MXNT, a cryptocurrency tied to the peso of Mexico.
Tether’s action follows the UK government’s announcement in April of aspirations to turn Britain into a “global crypto asset technology hub.” Stablecoins would be accepted as a legitimate payment method as part of the government’s intentions.
The UK will become “a prominent location for the next wave of industrial innovation,” according to Tether, due to the government’s plan.
#Tether To Launch GBP₮
— Tether (@Tether_to) June 22, 2022
Tether Tokens Pegged to the British Pound Sterling 🇬🇧
Read the full press release ⬇️https://t.co/vN6RngE28S pic.twitter.com/t4Yf8hrUZ2
Key Highlights:
- Tether plans to launch a new stablecoin linked to the British pound Sterling.
- In July, the GBT token will become live and be initially accessible on the Ethereum blockchain.
“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 Paolo Ardoino, CTO of Tether. “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.”
An Overview of GBPT
In order to offer a quicker and more affordable option for asset transactions, GBPT will be a reliable digital currency linked in a 1:1 ratio to the GBPT.
The leading stablecoin by market capitalization, USDT, and four other fiat currencies are now joined by GBPT. Other stablecoins include the offshore Chinese yuan-egged CNHT, the euro-pegged EURT, and the recently announced MXNT, which is pegged to the peso of Mexico.
While Tether is now the leading stablecoin issuer, Circle, the creator of USDC and Tether’s chief competitor, is now releasing a new fiat-backed digital asset called Euro Coin (EUROC) in an apparent effort to gain market dominance by launching a new stablecoin as well.
