Shortly after the release of the stablecoin pegged to the Mexican peso, Tether introduced a new product focused on the British pound. At first, GBPT will run on top of Ethereum, and other blockchain networks may be added in the future.
- companies ad it is said that the new stablecoin will appear on the market in early July on Ethereum.
- It will be Tether’s fifth fiat-pegged stablecoin after the largest by market capitalization USDT, euro-pegged EURT, offshore Chinese renminbi CNHT and MXNT, which recently saw the light of day and is pegged to the Mexican dollar. Pesos.
“We believe the UK is the next frontier for blockchain innovation and greater adoption of cryptocurrencies in financial markets. We hope to help drive this innovation by providing cryptocurrency users around the world with access to a sterling-denominated stablecoin issued by the largest stablecoin issuer.” Paolo Ardoino, CTO of Tether, commented.
- The company decided to explore the UK market in line with the plans of the Treasury to turn the country into a global crypto hub, which was later confirmed by the UK Chancellor of the Exchequer.
- The country is also keen to recognize stablecoins as a valid form of payment, which is rather surprising since the Bank of England has spoken out against the crypto industry many times in the past.
- As the name suggests, the GBPT will be a stablecoin with a 1:1 peg to the pound, the statement explains.
- USDT remains the largest stablecoin in terms of market cap, but its dominance has dwindled during the most recent market crash as other competitors such as USDC have increased their market share.
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Credit : cryptopotato.com