In the midst of the crisis in the crypto market, Tether, which issued the stablecoin USDT, continues to grow its presence in the market. The world's largest stablecoin controller is now looking to enter the British market with the new stablecoin GBP₮, tethered to the British Pound Sterling.
It is the fifth stablecoin from Tether to be tethered to fiat currency. So far, apart from USDT tethered to the USD, Tether has a Euro-tethered EUR₮, a Mexican Peso-tethered MXN₮ stablecoin and a Chinese Yuan-tethered CNH₮.
Earlier this year in April, the U.K. Finance Minister Rishi Sunak announced a plan to make the country a crypto hab. With the recent move, Tether believes that it will be able to contribute towards a better alignment with the country's cryptocurrencies.
The launch of GBP₮ comes at an opportune time as the U.K. government is trying to recognize stablecoins as a legal form of payment. Tether said the initiative would help U.K. become the main destination for the next wave of crypto innovation. Talking about these developments, Paolo Ardoino, CTO of Tether is of the view that Tether believes that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrencies for the financial market.”
He continued, Tether hopes to help in navigating this innovation by providing users with access to GBP-tethered stablecoins.
Tether is reportedly willing to work with a UK supervisory body to make the specified address a reality and looks forward to the continued use of the Tether stablecoin.
GBP₮ will be tied to the British Pound Sterling in 1:1. The stablecoin will work under the parent firm tether.to. With GBPT available at a later date, British crypto traders have a cheaper and faster option for asset transfer.
