Tether has announced that it will launch the stablecoin pegged to the British pound, GBP₮, in July 2022. The initial blockchain to support it is Ethereum.
Tether and the launch of the GBP₮ stablecoin
Tether today announced the launch of its new stablecoin pegged 1:1 to the British pound, GBP₮, available from the beginning of July.
#Tether To Launch GBP₮
Tether Tokens Pegged to the British Pound Sterling 🇬🇧
— Tether (@Tether_to) June 22, 2022
“Tether To Launch GBP₮. Tether Tokens Pegged to the British Pound Sterling. Read the full press release”.
GBP₮ will be built by Tether’s trusted USD₮ developer team and will operate under tether.to. The creation of GBP₮ will bring British pounds onto the blockchain and provide a faster and cheaper option for asset transfers. Initial blockchain support includes Ethereum.
Tether: the stablecoin pioneer landing in the UK
The new GBP₮ stablecoin joins the already four other stablecoins launched by Tether, which are USD₮ pegged 1:1 to the US dollar, EUR₮ pegged 1:1 to the euro, CNH₮ pegged 1:1 to the offshore Chinese Yuan and MXN₮, the latest stablecoin launched pegged 1:1 to the Mexican Peso.
Tether is also referred to as the pioneer of stablecoins due to USD₮ being the largest crypto pegged to a fiat currency, with a market capitalization exceeding $68 billion.
Speaking about the new GBP₮, Paolo Ardoino, CTO of Tether said:
“We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer,” said Paolo Ardoino, CTO of Tether. “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”.
UK: leveraging the blockchain to become a “crypto hub”
Tether’s new GBP₮ token comes just after the UK government announced its intention to make the country a global “crypto hub” by leveraging blockchain technology for traditional markets.
In essence, Gwyneth Nurse, Director General of the Department for Financial Services, had stated that the UK will test Blockchain for the trading, clearing and settlement of shares and bonds next year.
Indeed, by using the DLT of blockchain, the UK could make traditional finance processes smarter, allowing assets to be issued in a matter of hours, instead of days and weeks.