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Tether Launches Stablecoin Pegged to the British Pound Sterling

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Tether, the company behind the largest stablecoin by market cap, on Wednesday announced the launch of another fiat-pegged stablecoin called GBPT, pegged to the value of the British pound sterling. The news follows the recent launch of Tether, a Mexican peso-pegged cryptocurrency called MXNT.

Tether launches the company’s fourth fiat-pegged crypto asset

  • On June 22, 2022, Tether announced the launch of GBPT, a stablecoin that will initially be issued on the Ethereum blockchain. The GBPT is pegged to the value of the British pound sterling, the oldest fiat currency in the world, first issued in 1694.
  • “GBPT will be a stable digital asset pegged 1:1 to the British Pound Sterling. GBPT will be created by Tether’s trusted development team. USDT and operate under tether.to,” Tether’s announcement was sent to Bitcoin.com news details. “The creation of the GBPT will put British pounds on the blockchain and provide a faster and less costly asset transfer option.”
  • USDT is by far the largest stablecoin by market capitalization with $68 billion and the project was launched on the Polygon network just recently. Over the past two months, more than 12 billion USDT was withdrawn from circulation.
  • USDT manages a significant volume of trade and today Tether global volume is around $40.9 billion in the last 24 hours while the entire crypto ecosystem has recorded $76.5 billion at auction on Wednesday.
  • From $956 billion cryptoeconomics, USDTmarket capitalization dominates at 7.035% and is the third largest market capitalization of crypto assets out of 13,471 crypto assets.
  • Tether’s GBPT announcement on Wednesday follows the recent launch of the Euro (EUROC) Circle coin. EUROC is Circle’s second fiat-pegged stablecoin, while Tether has released several different flavors over the years.
  • Tether has a Chinese Yuan-pegged stablecoin called CNHT and a euro-based stablecoin called EURT. In late May, Tether launched a fiat-pegged token pegged to the value of the Mexican peso called MXNT.
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  • The stablecoin issuer also has an XAUT token pegged to the value of one ounce of fine gold. Today, Tether gold or XAUT has a total market value of around $458,303,598.
  • “We believe the United Kingdom is the next frontier for blockchain innovation and greater adoption of cryptocurrency in financial markets,” said Paolo Ardoino, CTO of Tether, in a statement sent to Bitcoin.com News. “We hope to help bring this innovation to life by giving cryptocurrency users around the world access to a sterling-denominated stablecoin issued by the largest stablecoin issuer.”
  • “Tether is ready and willing to work with the UK regulators to make this goal a reality and looks forward to further adoption of the Tether stablecoin,” Ardoino added on Wednesday.
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What do you think of the recently launched Tether GBPT stablecoin? Let us know what you think about it in the comments section below.

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Credit : news.bitcoin.com

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