Tether is gearing up to launch a new stablecoin pegged to the pound early next month. The new stablecoin backed by the British pound will be called GBPT, this stablecoin will be available on the Ethereum blockchain.
This is a stablecoin locked into the fifth fiat currency of Tether after USDT is pegged to US Dollars, EURT is pegged to Euros, CNHT is pegged to Chinese Yuan, and MXNT is pegged to newly released Mexican pesos.
“We believe the UK is the next frontier for innovation blockchain and the broader implementation of cryptocurrencies for financial markets,” Tether CTO Paolo Ardoino said in the statement.
“We look forward to helping lead this innovation by providing crypto users around the world with access to GBP-denominated stablecoins issued by the largest stablecoin issuer.”
Of all fiat-backed stablecoins, the USDT it is still the most popular stablecoin. However, as the market has been in a downtrend recently, USDT has also been highly affected, especially since the collapse of UST – Terra's stablecoin. In addition, doubts have also recently arisen about the legality of Tether collateral for USDT. fBut thanks to substantial economic resources, USDT is still the largest stablecoin in the world, with a total supply of over 77 billion.
