Tether will launch a new pound sterling-backed stablecoin

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Crypto Daily™
8w ago2022-06-22

Tether has announced today that it will roll out a sterling- backed stablecoin next month. The move comes as the UK prepares to regulate the stablecoin sector in readiness for its attempt to make London a world crypto hub.

Tether’s newest venture for stablecoins will launch in early July, and will be called the GBPT. It will be a stablecoin pegged 1:1 to pound sterling, and will provide traders with a speedier and cheaper way of transacting.

The GBPT stablecoin will join the other 3 stablecoins already being supported by Tether. These include the euro-pegged EURT, and the Chinese yuan-pegged CNHT, together with the more recent Mexican peso-pegged MXNT.

Despite the massive crypto sell-off that is currently taking place, it does look like some major world governments are seeing the opportunities presented by stablecoins, and are looking to take advantage of the possibilities that they bring.

The UK government has announced that once it has brought certain of the stablecoins under its regulation then they can be recognised and used as a valid form of payment.

The UK has also said, that in the spirit of promoting a forward-looking approach to crypto in general, the Royal Mint will work on the creation of a special NFT.

According to Tether CTO Paulo Ardoino, the UK is an extremely important link in the adoption of stablecoins worldwide, and is looking forward to working with its regulators to promote this aim.

“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,” 

He added:

“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”. 

Disclaimer: 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.