Tether, the company behind the USDT stablecoin, has announced plans to launch a stablecoin that will be pegged on the British Pound. Tether is famed for being behind the world’s largest stablecoin by market cap. However, it also has other stablecoins pegged on the Euro, the Chinese yuan, and the Mexican Peso.
Tether to launch stablecoin pegged to British Pound
The announcement from the company said that the stablecoin pegged to the British Pound will trade under the ticker GBPT. The stablecoin will be pegged on a 1:1 ratio to the British Sterling Pound. The token will be launched by a solid developer team, making the British Pounds appear on the blockchain to foster faster and cheap asset transfers.
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The Chief Technology Officer at Tether, Paolo Ardoino, noted, “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.”
Ardoino also said that Tether was also working with regulators based in the UK to achieve its vision of having this stablecoin. He also noted that the company wanted to achieve a growing adoption for all its other stablecoins.
The launch of this stablecoin shows the dedication of Tether towards expanding stablecoin technology. Once this stablecoin is launched, it will offer support to the British Pound Sterling, which is one of the largest currencies globally. It will also foster interactions with other stablecoins where a forex opportunity between USDT and EURT can be established.
Stablecoins face pressure amid market crash
Stablecoins have been under pressure following the collapse of the UST stablecoin in early May. Stablecoins have taken up a massive share of the global cryptocurrency market cap due to the crash of other coins in the market. Three of the cryptocurrencies in the top ten list are stablecoins pegged to the US dollar. These stablecoins are Tether (USDT), Circle (USDC), and Binance USD (BUSD).
USDT is still the largest stablecoin in the market by market cap. Circle’s USDC is also taking up a massive share of the stablecoin trading volumes. While the USDT market cap has dropped significantly over the past month, the USDC market cap has gained by 5%.
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