Tether to Launch Stablecoin Pegged to British Pound Sterling

June 24, 2022, 11:45 AM AEST - 1 week ago

Stablecoin issuer Tether is set to launch a stablecoin pegged to the British Pound Sterling in early July, using Ethereum as the first support blockchain.

According to a June 22 blog post from Tether, the GBPT will have a 1:1 ratio to the Pound Sterling and will provide a faster and less costly way of transferring assets:

UK ‘Next Frontier’ for Blockchain Innovation

Tether executives are reportedly working with UK regulators to prepare the next steps for rolling out the GBPT. Paolo Ardoino, CTO of Tether, cites the UK as the “next frontier” for blockchain innovation.

We believe that the UK 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,

Paolo Ardoino, CTO, Tether

Welcome to the Family

The GBPT joins the family of fiat currency-pegged stablecoins from the company, which also includes the recently launched MXNT, the Mexican Peso-pegged stablecoin.

On May 31, Tether announced that USDT had been integrated into Polygon, one of the largest Ethereum sidechains, providing more than 19,000 applications on the Polygon ecosystem with the ability to use USDT.

Tether is expanding its family of stablecoins at the same time that the company is denying claims that its commercial paper portfolio is mostly backed by Chinese commercial paper, the reason why a US$4 billion hedge fund has placed a short bet against Tether.

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