With the addition of a new cryptocurrency tied to the British pound sterling, GBPT, leading stablecoin provider Tether is extending its stablecoin offering (GBP). The new GBP-pegged stablecoin, GBPT, will go live in early July and will originally support the Ethereum blockchain, according to a formal announcement made by Tether on June 22.
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.
GBPT joins the Tether family
The biggest stablecoin by market capitalization, USDT, and the other four fiat currency-pegged Tether tokens 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.
The designers that created Tether USDT will create the new stablecoin, and it will function under Tether.to, the company’s primary website.
The UK is a key site for the upcoming wave of industrial transformation, said Paolo Ardoino, chief technical officer of Tether, adding:
“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. Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”
The release also notes that in April 2022, HM Treasury revealed ambitions to turn the nation into a center for cryptocurrencies worldwide and include stablecoins within its regulatory framework. In order to accept stablecoins as a form of payment, the Economic and Finance Ministry of the United Kingdom intended to modify its regulatory framework.