On June 22, Tether, the firm behind the USDT stablecoin, revealed plans to launch a British Pound-pegged stablecoin. Tether is well-known for powering the world’s biggest stablecoin by market valuation. One of the purposes of the firm’s launching a British Pound-pegged stablecoin is to take advantage of the growing popularity of the pound sterling among cryptocurrency investors.
According to the company’s press release, the stablecoin pegged to the British Pound would trade under the ticker GBPT. The stablecoin will be tied to the British Sterling Pound at a 1:1 ratio. A professional team will deploy the token, making British pounds appear on the blockchain to facilitate quicker and cheaper asset transactions.
Paolo Ardoino, Tether’s Chief Technology Officer, said, “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,”
Ardoino further said that Tether was working with UK authorities to fulfil its aim of having this stablecoin. He also said that the company wanted to increase the usage of all of its stablecoins.