Tether Operations Limited, the company operating the blockchain-enabled platform Tether that powers a large stablecoin by market capitalization of over US $68 billion, has announced that it will be launching Tether tokens (“GBP₮”) pegged to the British Pound Sterling in early July.
Initial blockchain support will include Ethereum, TechEconomy.ng can report.
GBP₮ will join four other fiat-currency pegged tokens Tether has in the market: the U.S. dollar-pegged USD₮, the Euro-pegged EUR₮, the offshore Chinese Yuan-pegged CNH₮, as well as the recently launched MXN₮, the Mexican Peso-pegged stablecoin.
In April of this year, The UK Treasury announced plans to make the country a global crypto hub. According to its website, the government will also make moves to see stablecoins recognized as a valid form of payment.
This initiative, paired with hundreds of millions of people using crypto around the world, makes the United Kingdom a prime location for the next wave of industry innovation.
GBP₮ will be a stable digital asset that is pegged 1:1 to the British Pound Sterling. GBP₮ will be built by the trusted team of developers behind Tether USD₮ and operate under tether.to. The creation of GBP₮ will put British Pounds on the blockchain and provide a faster, less costly option for asset transfers.
“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”.
The launch of GBP₮ represents Tether’s dedication to pioneering stablecoin technology and bringing the largest and most liquid stablecoins to global markets everywhere. GBP₮ will reinforce GBP as one of the most dominant currencies across the globe and introduce an FX opportunity for USD₮ and EUR₮. It will also act as an on-ramp to the decentralized finance ecosystem.
Tether is the largest stablecoin by market capitalization and a champion for financial freedom. Created in October 2014, Tether has grown to become the most traded cryptocurrency and is widely used globally to bank the unbanked.
Tether is disrupting the legacy financial system by offering a more modern approach to money.
By introducing fiat currency-digital cash to the bitcoin, Ethereum, EOS, Liquid Network, Omni, Tron, Algorand, and Solana blockchains, Tether makes a significant contribution to a more connected ecosystem.
Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability.
With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.