Tether will launch a stablecoin pegged to the British Pound Sterling

Tether already has cryptocurrencies known as ‘stablecoins’ pegged to four other fiat currencies

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Categories: Cryptocurrency

Stablecoin issuer Tether is set to launch a stablecoin pegged to the British Pound Sterling in early July, which uses Ethereum as the first backing blockchain. Officials from Tether are reportedly working with UK regulators to prepare for the next step to launch GBPT, the UK's 'next frontier' for blockchain innovation.

Tether CTO Paolo Ardoino cited the UK as the “next frontier” for blockchain innovation. GBPT joins the company's family of fiat currency-pegged stablecoins, which also includes the recently launched MXNT, the Mexican peso-pegged stablecoin. On May 31, Tether announced that USDT has been integrated into Polygon, one of the largest Ethereum sidechains, providing over 19,000 applications on the Polygon ecosystem with the ability to use USDT.

Tether is expanding its family of stablecoins at the same time that the company is denying claims that its commercial paper portfolio is mostly backed by Chinese commercial paper, which is why the US$4 billion hedge fund has raised funds for the investment. Have placed a small bet against Tether.

Tether is releasing a crypto token tied to the value of the British pound as part of a push into new stablecoins. The GBPT token will be available to trade on the Ethereum blockchain from early July, according to a statement on Wednesday.

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