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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