The creators of a popular crypto asset designed to keep a US dollar peg now plan to expand their roster into the United Kingdom.
In a new announcement, Tether says it will work with UK authorities to create a new digital asset called GBPT that will seek 1-to-1 parity with the Pound Sterling.
GBPT will be the company’s fifth stablecoin offering. In addition to the widely used US dollar-pegged Tether (USDT), there’s also EURT which aligns with the Euro, an offshore peg to the Chinese yuan called CNHT, as well as MXNT that’s paired with the Mexican peso.
Tether’s chief technology officer Paolo Ardoino says of the new venture,
“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.”
The announcement also highlights that several months ago, the UK Treasury revealed its intention to make the island nation “a global crypto hub,” which included the possibility of recognizing stablecoins as a formal payment method.
In late March, a news report circulated regarding the UK’s plans to provide regulatory clarity regarding cryptocurrencies with a focus on stablecoins.
At time of writing, 1 British Pound is equal to $1.23 in US currency.
Tether to work with UK regulators for launch of new Stablecoin pegged to British pound. The Daily Hodl. (2022, June 23). Retrieved June 27, 2022, from https://dailyhodl.com/2022/06/23/tether-to-work-with-uk-regulators-for-launch-of-new-stablecoin-pegged-to-british-pound/