Launch of a Stablecoin Linked to the British Pound Sterling by Tether

October 2, 2022

Tether reduces its commercial paper holdings by 17% in the first quarter of 2022.

Launch of a Stablecoin Linked to the British Pound Sterling by Tether

The organisation behind the most valuable stablecoin in terms of market capitalization, Tether, on Wednesday unveiled GBPT, a new fiat-pegged stablecoin pegged to the value of the British pound sterling. The announcement comes after Tether recently launched MXNT, a cryptocurrency asset tied to the peso of Mexico. The introduction of GBPT, a stablecoin that will initially be issued via the Ethereum blockchain, was announced by Tether on June 22, 2022. The British pound sterling, which was originally created in 1694, is the world’s oldest fiat currency, and it serves as the basis for the GBPT.

The British Pound Sterling will be a stable digital asset that will be tied 1:1 to GBPT. The trustworthy development team behind tether USDT will create GBPT, which will run on a tether. to, according to the Tether release that was given to News. With the creation of GBPT, British Pounds will be added to the blockchain and given a quicker, more affordable option for asset transfers. With a market cap of $68 billion, USDT is now the largest stablecoin. The project just went live on the Polygon network. More than 12 billion USDT have been taken out of circulation in the past two months. Tether’s global volume today is roughly $40.9 billion over the last 24 hours, compared to the entire crypto ecosystem’s $76.5 billion in trades on Wednesday. USDT commands a substantial trade volume. Out of 13,471 crypto assets, USDT has the third-largest market cap out of the $956 billion cryptocurrency industry, dominating by 7.035 percent. Following Circle’s recent launch of the euro coin (EUROC), Tether announced the GBPT on Wednesday. While Tether has issued a number of different varieties throughout the years, EUROC is Circle’s second fiat-pegged stablecoin. The continuous adoption of Tether stablecoins is something that Ardoino expressed excitement about on Wednesday. “Tether is ready and prepared to collaborate with UK regulators to make this ambition a reality,” he said.

Read more: Tether responds to the rumours about its commercial paper portfolio.

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