Tether Operations Limited, the company that powers the largest stablecoin by market capitalization, has announced that it will be launching Tether tokens (“GBPT”) pegged to the British Pound Sterling in early July of 2022.
GBPT will be the fourth fiat-currency pegged stablecoin that Tether is offering. Currently, Tether has the U.S. dollar-pegged USDT, the Euro-pegged EURT, the Chinese Yuan-pegged CNHT, and the recently launched MXNT, the Mexican Peso stablecoin.
In April of 2022, the UK Treasury announced intentions to make the country a global Bitcoin and cryptocurrency hub. The government is working on legislation to see stablecoins recognized as a valid form of payment.
The GBPT stablecoin will be pegged 1:1 to the British Pound Sterling which allows for British Pounds to be transacted faster and cheaper for asset transfers on the Tether 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 Ardiono, 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.”
The launch of GBPT will reinforce the British Pound Sterling as one of the most dominant currencies in the world and will introduce a foreign exchange opportunity for USDT and EURT while simultaneously acting as an on-ramp to a more decentralized financial ecosystem.