Tether to issue stablecoin pegged to British pound

What

USDT issuer Tether plans to expand its offerings with the introduction of GBPT, a stablecoin pegged to the British pound

Why

The company believes that the United Kingdom is the next frontier for blockchain innovation

What next

The token will be pegged 1:1 to the British pound and will launch in July

The story

Tether, the issuer of the largest U.S dollar-pegged stablecoin has announced its plans to introduce GBPT, a stablecoin pegged 1:1 to the British pound.

The token will be issued in July and marks the company’s fifth stablecoin, joining the dollar-pegged USDT and euro-pegged EURT, among others.

“We believe that the United Kingdom is the next frontier for blockchain innovation,” Tether Chief Technology Officer Paolo Ardoino said in the statement. “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 news follows an announcement earlier this year in which the UK government revealed its intention to become a global hub for crypto technology and investments.

To learn more about stablecoins, visit our learning resource here.