Tether is getting ready to launch a new stablecoin pegged to the pound at the beginning of next month.
The new Stablecoin guaranteed by the pound sterling will be called GBPT, this stablecoin will be available on Ethereum’s blockchain.
This is stablecoin locked in Tether’s fifth fiat currency after USDT is pegged in US dollars, EURT is pegged in euro, CNHT is pegged in Chinese yuan, and MXNT is pegged in Mexican pesos recently launched.
“We believe the UK is the next frontier for blockchain innovation and the wider implementation of cryptocurrencies for financial markets,” Tether CTO Paolo Ardoino said in the statement.
“We hope to help lead this innovation by providing crypto users worldwide access to GBP denominated stablecoins issued by the largest stablecoin issuer.”
Out of all the fiat-backed stablecoins, USDT is still the most popular stablecoin. However, as the market is recently downtrending, USDT has also been highly affected, especially since the collapse of Terra’s UST – stablecoin. In addition, there have also been doubts lately about the legality of Tether’s collateral for USDT.
But thanks to substantial economic resources, USDT is still the largest stablecoin in the world, with a total supply of more than 77 billion.
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