Tether Will Launch a Stablecoin that is Pegged to the British Pound

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Tether Will Launch a Stablecoin that is Pegged to the British Pound

Tether Will Launch a Stablecoin that is Pegged to the British Pound
Tether. Image: Shutterstock
Source: Decrypt
1655910554 22 Jun / 15:09

Next month, Tether, the largest stablecoin issuer in the world, will launch a token tied to the British pound. According to a corporate statement released Wednesday, the stablecoin (GBPT) would first be supported on the Ethereum network. GBPT will be Tether's sixth stablecoin tied to a fiat currency, joining USDT, EURT, CHNT, and MXNT.

Stablecoins are cryptocurrencies meant to be redeemed for a predetermined quantity of a less volatile monetary product, such as fiat cash. Such coins are intended to allow blockchain-based payments with the same efficiency and functionality as traditional currencies.

Global regulators have paid particular attention to the benefits and concerns of stablecoins, including their usage in illegal transactions and cross-border transfers. In April, however, the United Kingdom declared its aim to become a "crypto-asset technology hub," prompting Tether to provide support for the region's national currency.

In a statement, Tether CTO Paolo Ardoino stated, “We think the United Kingdom is the next frontier for blockchain innovation and the broader adoption of cryptocurrency for financial markets. Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins.”

In recent months, as the great majority of free-floating cryptocurrencies have declined in value, stablecoins have increased their percentage of the entire crypto market cap. Currently, three of the top six stablecoins are dollar-pegged.

While Tether’s USDT stays king, Circle’s USDC is rapidly gaining ground. Since May, token redemptions for the former have totaled billions of dollars, while USDC’s market capitalization has climbed by five percent.

As investors began to lose trust in stablecoin holdings, the collapse of once the third-largest stablecoin, Terra’s UST, launched the redemption tsunami at the start of last month. Nevertheless, Arduino feels that the episode demonstrated that Tether could manage such redemptions “without batting an eye” while preserving its peg.

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