Tether Launches Sterling Pegged Stablecoin GBPT

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The issuer of the USDT stablecoin, Tether reported that thanks to the growing adoption of cryptocurrenciesis expanding its presence in the UK market.

In early July, the company intends to launch the GBPT stablecoin, backed by reserves in the pound sterling (GBPT) and pegged to the British fiat currency 1:1.

The company says that at the first stage of GBPT implementation, there will bework on top of Ethereum, and other blockchains may be added in the future.GBPT will become Tether's fifth fiat-pegged stablecoin, following the largest by market capitalization USDT, pegged to the euro EURT, the offshore Chinese yuan CNHT and the Mexican peso-backed MXNT.

According to Tether CTO Paolo Ardoino, the team believes that the UK is the next frontier for blockchain innovation and wider adoption of cryptocurrency in financial markets:

"We hope to help drive innovation by giving crypto users around the world access to a pound sterling-denominated stablecoin issued by the largest issuer of digital stablecoin."

Stablecoin issuer Tether has decided to explore the UK market in line with the Treasury's plans to turn the country into a global crypto hub.The country is keen to recognize stablecoins as an acceptable form of payment, although the Bank of England has opposed the development of the crypto industry in the past.

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Tether's chief technology officer said that, unlike his company, other major stablecoin issuers refused to conduct an auditRecently, experts from the American investment bank JPMorgan expressed the opinion that rapid growthstablecoins like USDT may indicate the imminent rise of digital currencies.