Tether to launch GBPT, Stablecoin pegged to the British Pound Sterling
Tether will launch stablecoin pegged to British pound in early July. This is the fifth stablecoin by Tether Operations Limited after the success of USDT, EURT, CHNT and MXNT.
Tether to launch stablecoin pegged 1:1 to British Pound
Tether, the issuer of the world’s largest stablecoin USDT, announced its plans to launch British Pound pegged stablecoin in early July. The market cap of Tethers’ USDT is more than $68 billion, according to Coinmarketcap. This pound pegged stablecoin is called GBPT and it will be supported by Ethereum Blockchain initially.
Recently, Tether has successfully launched Mexico Pesos pegged stablecoin after the success of their other three stablecoins USDT, EURT and CHNT.
UK plans to become the next crypto hub
Earlier this year, the UK Treasury announced its plan to make United Kingdom a global crypto hub. There are plans to recognize stablecoin as valid form of payments. Currently retail investors in UK cannot use crypto derivatives. According to UK’s digital minister, the government wants to make Britain a global crypto hub however it would be achieved in a way that protects the public.
According to Paolo Ardonio, CTO of Tether, “Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption Tether stablecoins”.
United Kingdom is a prime location for the next crypto wave. Coupled that with better measures to provide investors’ safety, Tethers’ plans to enter UK market through British Pound pegged stablecoin looks highly promising. They want to pave way for blockchain innovation and implementation of crypto for financial markets in UK. GBP pegged stablecoin will help put the British Pound on the blockchain to crypto users worldwide.
Stablecoins are “IN”
Despite the crash of Terra and millions in losses, stablecoins are showing positive growth. They have taken over more of the crypto market cap share. Countries are planning to include stablecoins in banking regulations. Japan recently gave a green light to the country’s largest bank to issue stablecoin pegged to Yen.
The total market value of stablecoins currently stands at over US$155 billion, according to CoinGecko data. Currently the top five crypto assets have third and fourth position occupied by dollar pegged stablecoins, in terms of market cap. After Terra crash, some predicted the end of stablecoins. However other two big stablecoins namely Tether and USD Coin maintained their positions even after the redemption wave. For many, this serves as proof that asset or crypto backed stablecoins are strong and will lead the markets one day.
Launch of GBPT will strengthen the position of British Pound in the crypto ecosystem. Tether would also introduce an FX opportunity for USDT and EURT.
