The company behind the largest stablecoin by market cap will launch another such asset pegged to the British Pound.
Just shortly after releasing a stablecoin pegged to the Mexican Peso, Tether has introduced a new product focusing on the British Pound. GBPT will first work on top of Ethereum, while other blockchain networks could be added in the future.reads that the new stablecoin will hit the market in early July on Ethereum.
It will become Tether’s fifth fiat-pegged stablecoin, after the largest by market cap – USDT, the Euro-pegged EURT, the offshore Chinese Yuan-pegged CNHT, and the MXNT, which“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 with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.
The company decided to explore the UK market following the Treasury’s plans to turn the nation into a global crypto hub, which was laterThe country is also looking to recognize stablecoins as a valid form of payment, something rather surprising since the Bank of England has gone against the crypto industry many times in the past.
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