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Tether to launch stablecoin tied to UK pound

Published: 10:01 23 Jun 2022 BST

Crypto

Tether said it will launch a stablecoin pegged to the British pound (GBPT) in July - its fifth fiat currency-pegged token.

The world’s biggest stablecoin issuer revealed the coin will initially be supported by the Ethereum blockchain.

“Stablecoins are cryptocurrencies the value of which is pegged, or tied, to that of another currency, commodity or financial instrument,” Investopedia explained before adding: “Stablecoins aim to provide an alternative to the high volatility of the most popular cryptocurrencies.”

In April, the UK said it planned to be a “crypto asset technology hub,” which analysts claimed to have inspired Tether to create GBPT.

Paolo Ardoino, Tether chief technical officer, commented: “We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets.

“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.”

Tether has already made a dollar-pegged USDT, euro-pegged EURT, Chinese yuan-pegged CHNT and Mexican peso-pegged MXNT.

Stablecoins have been taking up a larger percentage of the overall crypto market value in recent months, with three of the leading six being dollar-pegged tokens, as free-floating digital currencies have plunged.

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