Tether Launches Stablecoin Pegged to the British Pound Sterling 14

Tether Launches Stablecoin Pegged to the British Pound Sterling

  • Tether has launched a stablecoin pegged to the British Pound Sterling version called GBPT.
  • The stablecoin will launch in July 2022.
  • The United Kingdom is working on regulation and aims to foster development in crypto and blockchain technologies.

Tether has announced that it will launch a British Pound Sterling version of its stablecoin, labeled GBPT. The company published a press release on June 22 saying that it would launch Tether tokens pegged to the British Pound in early July.

Initially, it will only support the Ethereum blockchain, but it’s likely that more blockchains will be supported in the near future. This has been the case with other assets that Tether has launched.

GBPT is the fifth stablecoin pegged to a fiat currency that Tether has launched. Most recently, Tether launched Mexican Peso-pegged MXNT. Others include the popular USDT pegged to the U.S. dollar, EURT which is pegged to the Euro, and the Chinese Yuan-pegged CNHT.

Tether CTO Paolo Ardoino was optimistic about the United Kingdom being a hub for crypto innovation, saying,

“We believe that the United Kingdom is the next frontier for blockchain innovation… 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 UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”.

The United Kingdom has been working on its crypto regulation strategy, and in recent times it has been leaning towards some more friendly changes. It recently loosened its rules on unhosted wallets. The region’s treasury is keen on becoming a crypto hub.

Tether Making Progress Despite Controversies

The move is a big one for Tether, which is making progress despite some of the controversies of its past. It appears to be leaving those controversies behind and is making ground even as the world’s governments bear down on stablecoins. Tether has vowed to be compliant and follow regulation.

Tether has also debunked rumors that it had exposure to Celsius Network and Three Arrows Capital. At the same time, it has been reducing the amount of its commercial paper holdings.

Tether has been confident about its reserves and its stability, but the European Central Bank seems to think otherwise. In a report published in May, the ECB said that USDT could not guarantee its peg at all times.