NEW: Tether is launching a British pound-pegged stablecoin By Yogita_Khatri5
It will be initially available on Ethereum.Dubbed GBPT, the stablecoin will initially be available on the Ethereum blockchain, Tether said today in a statement.
This is Tether's fifth fiat-pegged stablecoin, after US dollar-pegged USDT, euro-pegged EURT, offshore Chinese yuan-pegged CNHT and the recently launched Mexican peso-pegged"We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets," Tether CTO Paolo Ardoino said in the statement.
While Tether has several fiat-pegged stablecoins, its USD-pegged stablecoin USDT remains the most popular, although it has recently seen significant redemptions amid panic over the collapse of algorithmic stablecoin terraUSD and general market downturn. USDT remains the biggest stablecoin in the world, with its current total supply standing at over 77 billion, according to© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times.
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