The leading stablecoin company, Tether, is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP) called GBPT.
The upcoming coin will launch in early July and will initially be supported by the Ethereum blockchain.
GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers.
Tether currently offers the largest stablecoin by market capitalisation, USDT, as well as a euro-pegged, Chinese yuan-pegged, and Mexican peso-pegged stablecoin.
According to the announcement, GBPT will be built by the team of developers behind USDT and operate under its main website, Tether.to:
“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.
“Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”.
The announcement also mentions that HM Treasury has said it plans to make the country a global cryptocurrency hub and bring stablecoins into its regulatory framework.
The United Kingdom’s Economic and Finance Ministry also planned to amend its regulatory framework to include stablecoins as a means of payment.
Tether’s GBPT launch comes amid the company’s main stablecoin, USDT, dropping below $70 billion in terms of market capitalisation for the first time since October 2021. The stablecoin previously reached a value above $80 billion in May this year.
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