Tether to issue new stablecoin pegged on British Pound

By: Benson Toti
Benson Toti
Benson is passionate about emerging technologies and believes in the transformative power of truth. When not covering crypto and… read more.
on Jun 22, 2022
  • Tether plans to unveil the new stablecoin, GBPT, in July.
  • GBPT will be pegged 1:1 on the Sterling Pound, with initial blockchain support for Ethereum.
  • This is Tether’s fifth stablecoin after those pegged on USD, Euro, offshore Chinese yuan and Mexican Peso.

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.

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Tether CTO Paolo Ardoino commented:

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.”

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.

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”.

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