Just shortly after releasing a stablecoin pegged to the Mexican Peso, Tether has introduced a new product focusing on the British Pound. GBPT will first work on top of Ethereum, while other blockchain networks could be added in the future.
- The company’s announcement reads that the new stablecoin will hit the market in early July on Ethereum.
- It will become Tether’s fifth fiat-pegged stablecoin, after the largest by market cap – USDT, the Euro-pegged EURT, the offshore Chinese Yuan-pegged CNHT, and the MXNT, which saw the light of day recently and is pegged to the Mexican Peso.
“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.” – commented by Tether’s CTO Paolo Ardoino.
- The company decided to explore the UK market following the Treasury’s plans to turn the nation into a global crypto hub, which was later confirmed by the UK’s Finance Minister.
- The country is also looking to recognize stablecoins as a valid form of payment, something rather surprising since the Bank of England has gone against the crypto industry many times in the past.
- As the name suggests, GBPT will be a stablecoin pegged 1:1 to the Pound, the statement explained.
- USDT remains the largest stablecoin in terms of market cap but its dominance was reduced during the latest market crash as other competitors – such as USDC – increased their market share.