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Tether to launch GBPT in July pegged to GBP sterling

Published by
Nonhlanhla P Dube

Tether Operations Limited (“Tether”), a stablecoin issuer, has announced plans to launch Tether tokens (“GBP”) tied to the British Pound Sterling in early July.

“GBP will join Tether’s other four fiat-currency pegged tokens in the market: the US dollar-pegged USD, the Euro-pegged EUR, the offshore Chinese Yuan-pegged CNH, and the recently released MXN, the Mexican Peso-pegged stablecoin,” Tether said in a blog post.

The pound-pegged coin will be known as GBP (GBPT) and will first exist on the Ethereum (ETH) network, according to Tether’s release.

Tether runs the blockchain-enabled platform tether.to, which powers the world’s largest stablecoin by market valuation (nearly $68 billion).

“This action follows the UK Treasury’s April announcement that the country would become a worldwide crypto hub. The UK government has recently announced plans to recognize stablecoins as a viable form of payment,” stated Tether.

According to Tether’s blog, GBP will be a stable digital asset that will operate under the domain tether.to and will be tied 1:1 to the British Pound Sterling. The business further stated that the team of developers assigned to produce GBP also built Tether USD.

“We believe that the United Kingdom 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 worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer,” stated Paolo Ardoino, CTO of Tether.

Tether reached Latin America in May of this year with the launch of the Mexican Peso-backed MXN stablecoin, according to Blockchain.News.

According to the business, the new stablecoin would be pegged to Mexican pesos at a 1:1 ratio and will be supported on three networks, including the Ethereum, Tron, and Polygon protocols.

According to the source, Tether anticipates that with the launch of the new token, the majority of cross-border transactions or remittances to Mexico would be conducted on-chain, reducing transfer speed and prices.

“Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and, in particular, Mexico. MXN₮ can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies. Tether customers in this entirely new market will be able to benefit from the same transparent customer experience,”. “Tether’s CTO, Paolo Ardoino, stated.

Tether is the world’s largest stablecoin, with a market valuation of R1.070 billion, making it the third-largest digital asset, according to CoinMarketCap data.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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