Tether has remained optimistic in its quest to expand its market presence amid the crypto market turmoil. A few days after the launch of the offshore stablecoin pegged to the Chinese yuan, Tether is set to launch a new stablecoin pegged to the British pound sterling.
The new GBPT, duped by the stablecoin, is expected to launch early next month.
GBPT will initially be available only on the Ethereum blockchain.
Tether’s growing list of stablecoins
GBPT will be the fifth stablecoin launched by Tether.
The first was the USDT stablecoin pegged to the US dollar, which became the largest stablecoin by market capitalization. The next was the EURT stablecoin pegged to the euro. Then there is the Mexican peso-pegged stablecoin MXNT and the latest launched Chinese yuan-pegged stablecoin CNHT.
Making the UK a Crypto Hub
In April this year, UK Finance Minister Rishi Sunak unveiled a plan to make the country a crypto hub and with the recent moves, Tether believes it will play an important role in helping the country. to achieve its ambitions.
Additionally, GBPT comes at a time when the UK government is seeking to have stablecoins recognized as a valid form of payment, a move that Tether says will make the UK a key destination for crypto innovation.
Speaking of the new stablecoin, Tether CTO Paolo Ardoino said:
“We believe the UK 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 around the world with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.