Tether, a stablecoin issuer, continues to improve its presence in the marketplace amidst turmoil in the cryptocurrency markets. The leading stablecoin operator plans to join the British marketplace with another stablecoins, GBPT, tied to the Sterling Pound.
That represents the 5th Tether stablecoin tied to fiat currencies. Besides the dollar-pegged USDT, the issuer has the Euro-tied EURT, Mexican Peso-tied stablecoin MXNT, and Chinese Yuan-tied CNHT stablecoin.
Rishi Sunak, the United Kingdom Finance Minister, revealed plans to make the UK a cryptocurrency hub. He stated the move in April this year. With its latest act, Tether trusts it can better partake in the nation’s crypto objectives.
The GBPT launch comes at the perfect moment as the United Kingdom authority seeks to identify stablecoins as valid payment options. Tether declared that the initiative would guide the United Kingdom in being a crucial country for the coming crypto innovation craze.
Tether CTO Paolo Ardoino commented on the development, saying that they trust the UK is the next leader in the blockchain revolution plus a massive crypto implementation for the financial market. He believes they can contribute to this innovation by offering global crypto users access to Sterling Pound-denominated stablecoin. Ardoino added that Tether is willing and ready to cooperate with UK lawmakers to achieve the goals and target continued Tether stablecoins adoption.
How GBPT Will Boost British Crypto Industry
Tether will peg the GBPT stablecoin to the Sterling Pound at 1 to 1. Moreover, the asset will operate under (Tether.to) the parent firm. GBPT will help British cryptocurrency investors access faster and less costly methods for asset transfer.
Tether stated that introducing GBPT will allow them to strengthen the stablecoin industry in most liquid markets globally. Meanwhile, GBPT will bolster the British Pound as among the most overriding currencies worldwide and launch FX opportunities for EURT and USDT.
As highlighted above, Tether’s latest GBPT stablecoin comes as the crypto market endures massive bearishness. Bears remain determined to drag assets lower. While writing these lines, the global market capitalization for digital assets stayed at $889.45 billion, following a 4.12% decline within the past day.
Stay tuned for the latest developments in the financial space.