Tether is launching a British pound-pegged stablecoin

Quick Take

  • Tether is launching a new stablecoin pegged 1:1 to the British pound.
  • It will be initially available on Ethereum.

Tether is set to launch a new stablecoin pegged to the British pound early next month.

Dubbed GBPT, the stablecoin will initially be available on the Ethereum blockchain, Tether said today in a statement.

This is Tether's fifth fiat-pegged stablecoin, after US dollar-pegged USDT, euro-pegged EURT, offshore Chinese yuan-pegged CNHT and the recently launched Mexican peso-pegged MXNT.

"We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets," Tether CTO Paolo Ardoino said in the statement. "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."

While Tether has several fiat-pegged stablecoins, its USD-pegged stablecoin USDT remains the most popular, although it has recently seen significant redemptions amid panic over the collapse of algorithmic stablecoin terraUSD (UST) and general market downturn.

USDT remains the biggest stablecoin in the world, with its current total supply standing at over 66 billion, according to The Block's Data Dashboard.

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