Tether To Issue Stablecoin Tied To British Pound

Tether is issuing a new stablecoin that’s pegged to the British pound.

Tether is already the issuer of the largest U.S. dollar-pegged stablecoin. Now, it is expanding its offerings with the introduction of “GBPT,” a stablecoin that’s linked to the Pound Sterling currency in England.

The new digital token will be available to investors in July and will become the company's fifth stablecoin. It will join U.S. dollar-pegged “USDT,” Euro-pegged “EURT,” offshore Chinese yuan-pegged “CNHT” and the Mexican peso-pegged “MXNT” that was officially launched in May of this year.

The collapse of algorithmic stablecoin terraUSD (UST) last month raised concerns about the viability of stablecoins with calls for greater transparency about the quality and liquidity of those assets, as well as the need for regulation of the cryptocurrency sector.

In April the British government said it hoped to become a global hub for cryptocurrency technology and investments. At the same time though, a committee in the British House of Lords said that there is “no convincing case” for a central bank digital currency.

In a news release, Tether chief technology officer (CTO) Paolo Ardoino said: “Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins.”