Tether to launch stablecoin pegged to the British pound

Tether, the issuer of the largest-stablecoin by market capitalization, USDT, announced the launch of the ‘stablecoin’ GBPT pegged to the British pound.

#Tether To Launch GBP₮
Tether Tokens Pegged to the British Pound Sterling 🇬🇧

Read the full press release ⬇️https://t.co/vN6RngE28S pic.twitter.com/t4Yf8hrUZ2

— Tether (@Tether_to) June 22, 2022

The rollout of the new asset is scheduled for July. Initially it will be available on the Ethereum network.

GBPT will become the fifth fiat-backed stablecoin in addition to:

• USDT backed by the US dollar;
• pegged to the euro, EURT;
• CNHT backed by offshore yuan;
• MXNT pegged to the Mexican peso.

“This initiative, combined with hundreds of millions of people around the world using cryptocurrency, makes the United Kingdom an ideal place for a new wave of innovation in the industry,” according to the company’s blog.

Tether and the cryptocurrency exchange Bitfinex do not plan to cut staff amid a difficult market environment.

In mid-June, USDT’s market capitalization fell to $69.3 billion. Before the Terra collapse, the figure stood at $83.42 billion (as of May 1).

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