Tether to issue new stablecoin pegged on British Pound

Tether, the issuer of leading and largest US dollar-pegged stablecoin USDT, has announced plans to launch another stablecoin, the company said on Wednesday.

The new offering will be pegged on the British Pound, the firm said, with the ticker symbol GBPT. According to the company, GBPT will be backed 1:1 to the Sterling.

Tether CTO Paolo Ardoino commented:

GBPT, which is set to be released in July, with initial blockchain support on the Ethereum network, will be Tether's fifth stablecoin so far.

Apart from the widely used and most popular USDT, the company has launched stablecoins pegged on the Euro (EURT), the offshore Chinese yuan (CNHT) and the Mexican peso (MXNT).

Regulatory spotlight is on stablecoins

Tether’s plans for GBPT come amid regulatory spotlight on the stablecoin market, exacerbated by TerraUSD (UST)’s collapse in May and opaqueness around reserves. Tether has on its part continuously faced criticism over its USDT reserves.

For this latest stablecoin, Tether says it will collaborate with UK regulators.