Tether Launches British Pound-Pegged Stablecoin, GBPT

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Yesterday, Tether, makers of the largest Stablecoin USDT, announced the launch of its new Stablecoin, GBPT. Issued on the Ethereum blockchain, GBPT is a Stablecoin pegged to the British pound.

The official announcement detailed: “GBPT will be a stable digital asset that is pegged 1:1 to the British Pound Sterling. GBPT will be built by the trusted team of developers behind Tether USDT and operate under tether.to.” The announcement further detailed: “The creation of GBPT will put British Pounds on the blockchain and provide a faster, less costly option for asset transfers.”

At press time, USDT ranks as the third-largest cryptocurrency by market cap, with an impressive valuation of $66.93 billion and a 24-hour trading volume of $47.3 billion. The total market trading volume in the last 24 hours is $66.4 billion, giving USDT 71% control of the market volume.

Tether and Its Growing List of Stablecoins

Tether’s GBPT launch comes shortly after Circle, makers of USDC, announced the launch of its euro coin (EUROC). While EUROC is Circle’s second Stablecoin project, GBPT is simply an addition to Tether’s growing range of Stablecoins.

Tether has a Stablecoin pegged to the Chinese yuan, CNHT, and another pegged to the euro, EURT. Last month, the company launched a Stablecoin pegged to the Mexican peso, MXNT. Tether also has a commodity-based Stablecoin called the XAUT, which is pegged to the value of gold.

Commenting on the latest development, Paolo Ardoino, Tether’s CTO, noted: “We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for [the] financial market.” He added: “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 also elaborated:

“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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.