One of the largest stablecoin maintainers in the world, Tether is planning to launch a new stablecoin named GBPT pegged to the British Pound. The following stablecoin will work on top of the Ethereum Blockchain for the initial stage.
Recently, Tether had released a stablecoin pegged to the Mexican Peso dubbed MXNT. However, Tether is looking to introduce a stablecoin pegged to the British pound. According to the announcement, the new stablecoin will hit the market in early July on Ethereum.
After its introduction, GBPT will become the fifth fiat-pegged stablecoin in circulation. As of now, there are USDT (Dollar-pegged), EURT (Euro-pegged), CNHT (Yuan-pegged), and MXNT (Mexican Peso).
Tether’s CTO Paolo Ardoino talked about GBPT, saying:
“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 access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.”
UK Treasury had recently stated that they’d turn the nation into a global crypto hub. Due to this, the company decided to explore the UK market.
Also, the country is also looking to recognize stablecoins as a valid form of payment. This is surprising considering the fact that the Bank of England has gone against the crypto industry many times in the past.
GBPT will have a pegging with the British Pound at a ratio of 1:1. As for the reason why Tether is looking to launch fiat-backed stablecoins, the situation of crypto markets is a valid reason for that.