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Tether Launches Stablecoin Pegged to the British Pound Sterling

Tether Launches Stablecoin Pegged to the British Pound Sterling – The launch of GBPT, a stablecoin that will initially be issued via the Ethereum blockchain, was announced by Tether on June 22, 2022. The British pound sterling, which was first issued in 1694, is the world’s oldest fiat currency, and it serves as the basis for the GBPT.

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The British Pound Sterling will be a stable digital asset that will be pegged 1:1 to GBPT. The trusted development team behind tether USDT will build GBPT, which will run on tether.to, according to the Tether release. With the creation of GBPT, British Pounds will be added to the blockchain and given a faster, more affordable option for asset transfers.

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With a market cap of $68 billion, USDT is now the largest stablecoin. The project just launched on the Polygon network. More than 12 billion USDT have been taken out of circulation in the past two months.

Tether’s global volume today is roughly $40.9 billion during the last 24 hours, compared to the entire crypto ecosystem’s $76.5 billion in trades on Wednesday. USDT commands a substantial trade volume.

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Out of 13,471 crypto assets, USDT has the third-largest market cap out of the $956 billion cryptocurrency economy, dominating by 7.035 percent.

Following Circle’s recent launch of the euro coin (EUROC), Tether announced the GBPT on Wednesday. While Tether has issued a number of different varieties throughout the years, EUROC is Circle’s second fiat-pegged stablecoin.

Tether offers two stablecoins: EURT, which is based on the euro, and CNHT, which is linked to the Chinese yuan. Tether introduced MXNT, a fiat-pegged coin linked to the value of the Mexican peso, at the end of May.

The stablecoin issuer also offers a token called XAUT that is pegged to the price of one ounce of fine gold. Today’s market valuation for Tether gold, also known as XAUT, is approximately $458,303,598.

Also Read:Bank for International Settlements to Launch a Market Intelligence Platform for Crypto Assets

According to Paolo Ardoino, the CTO of Tether, a statement stated that “We feel that the United Kingdom is the next frontier for blockchain innovation and the wider deployment of bitcoin for financial markets.” By giving cryptocurrency users access to a GBP-denominated stablecoin issued by the largest stablecoin issuer, we intend to assist lead this innovation.

The continuous adoption of Tether stablecoins is something that Ardoino expressed optimism about on Wednesday. “Tether is ready and prepared to work with UK regulators to make this ambition a reality,” he said.

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