Tether To Roll Out Token Pegged To The British Pound Next Month

#Tether Operations, the issuer of the world’s biggest dollar-pegged stablecoin, will launch a new token backed by the British Pound Sterling this coming July,

The development follows #Tether’s recent roll-out of #MXNT, a crypto asset pegged to the #Mexican peso.

According to a corporate statement released on Thursday, the stablecoin (GBPT) would first be supported on the #Ethereum network.

The stablecoin will have a 1:1 peg to the British Pound Sterling in an effort to make asset transactions faster and more inexpensive.

Tether is notable for its stablecoin pegged to the #US dollar, #USDT, though the crypto company’s lack of transparency regarding the #USD reserve that backs the #USDT continues to generate considerable controversy.

Nevertheless, #Tether proceeded to expand its products, introducing additional stablecoins linked to the euro, #Mexican peso, and #Chinese yuan.

Tether Links Up With British Pound

When used as a safe haven for crypto traders, #GBPT will be an #Ethereum-based ERC-20 coin that can be easily integrated into #wallets, #exchanges, and other smart contracts for use.

#USDT is the biggest stablecoin with a market #capitalization of almost $69 billion, and the #Polygon network has launched the project. ver 12 billion #USDT have been taken from circulation during the past two months.

#Stablecoins are #cryptocurrencies that are designed to be redeemed for a predetermined amount of a less volatile monetary product, such as fiat cash. These coins are intended to give #optimizations and utility to blockchain payments that are now available with traditional currencies.

UK Regulators Give Tether Some Love

According to the release, #GBPT will be developed by the team of engineers responsible for Tether #USDT and will operate under #Tether.to:

“#Tether is ready and eager to collaborate with U.K. regulators to make this objective a reality, and the company anticipates the continued acceptance of Tether #stablecoins.”

The company emphasized that its decision to introduce a #GBP-pegged stablecoin was prompted by the #UnitedKingdom Treasury’s goal to transform the country into a cryptocurrency hotspot.

The launch of the #Sterling stablecoin coincides with significant losses in the overall #cryptocurrency market, which have caused #crypto companies to lose billions of dollars worth of virtual assets.

While #European Union legislators are in the midst of establishing guidelines for stablecoin issuers, British officials have not yet determined whether to launch a digital counterpart of the British pound.

However, the government is apparently investigating the use cases and risks associated with proceeding. In addition, the Bank of England established a new unit devoted to researching a central bank digital currency.