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Tether to Launch GBP Stablecoin

Jun 29, 2022

Tether is expanding with a new Stablecoin pegged to the British pound

Global Stablecoin Issuer Tether officially announced that is expanding its stablecoin offering with a new digital currency pegged to the British Pound Sterling (GBP).


Tether officially announced that its upcoming GBP-pegged stablecoin, GBPT, will launch in early July and will initially be supported by the Ethereum blockchain. Tether's launch of a UK Stablecoin follows the U.K's new proposals for the regulation of cryptoassets which will see the UK Government move to adopt stablecoins as a recognised form of payment, accelerating the UK's plan to make the UK a global cryptoasset technology hub.


  • GBPT will be available to trade in early July, Tether says
  • The Crypto platform also has stablecoins tied to the US Dollar and Euro


Tether's GBPT joins a family of four other fiat currency-pegged Tether (USDT) tokens, including the largest stablecoin by market capitalisation, USDT. Other stablecoins include the euro-pegged EURT, the offshore Chinese yuan-egged CNHT as well as the recently launched MXNT, the Mexican peso-pegged stablecoin.


Tether’s GBPT launch comes amid the company’s main stablecoin, USDT, dropping below $70 billion in terms of market capitalisation for the first time since October 2021. The stablecoin previously reached a value above $80 billion in May 2022.


Tether has been harder hit by the crypto rout than rivals, such as Circle’s USDC, and its dollar token briefly lost its peg last month. Total USDT circulation has dropped to $67 billion, according to data from CoinGecko, compared with a peak of more than $83 billion in early May.


Following the announcement, Circle who owns and operates USD Coin, the second-most-popular stablecoin in the industry with a market value of more than $54 billion announced the launch of its fully regulated, 1:1 Pegged 'full-reserve model’ euro-backed stablecoin which joins a short list of euro-backed stablecoins including the Tether's EURt, Stasis EURS and e-money.com's existing suite of 100% Collateralised European Stablecoins (EEUR, ECHF, ENOK, ESEK, EDKK).


Tether which is known for USDT, remains the largest circulated USD-pegged token used by traders and investors with almost $67 billion in market capitalisation.


Tether's chief technology officer recently announced they will undergo a full audit from a top accounting firm. The company also highlighted that its move to bring a GBP-pegged stablecoin was pushed by the UK Treasury’s plan of making the country a cryptocurrency hub. The UK government is even considering recognising stablecoins as a legal form of payment.


Tether’s Chief Technical Officer, Paolo Ardoino, said.


“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,”


Paolo Ardoino continued,


“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.”


The new pound token comes as central banks in Europe and the UK push ahead with CBDCs. The Bank of England remains in discussions with market participants about whether to launch a digital sterling. The BOE has said the token wouldn’t arrive until the second half of this decade, if approved.

 


https://www.globalstablecoins.co.uk

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