The creator of the largest stablecoin USDT, Tether, is gearing up to launch “GBP₮” tokens pegged to the British Pound Sterling.
According to the announcement, the GBP₮ tokens will be launched in early July and the initial blockchain support will include Ethereum.
GBP₮ is the Tether’s fifth stablecoin, following the U.S. dollar-pegged USDT, the Euro-pegged EURT, the Chinese Yuan-pegged CNHT, and the recently launched Mexican Peso-Pegged MXN₮ Stablecoin.
In April of this year, UK Finance Minister Rishi Sunak unveiled plans to turn the country into a crypto hub. Tether believes that with the new change, it would be able to more effectively support the country’s crypto aspirations.
The launch of GBP₮ will put British Pounds on the blockchain, allowing for cheaper and faster asset transfers.
“The launch of GBP₮ represents Tether’s dedication to pioneering stablecoin technology and bringing the largest and most liquid stablecoins to global markets everywhere,” the blog post notes.
Paolo Ardoino, CTO of Tether, stated “We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation 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.”
Also Read: Tether Refutes Claims Regarding its Commercial Paper Portfolio
