Tether Launches Stablecoin Pegged to the British Pound Sterling

Tether, the company behind the largest stablecoin by market capitalization, announced another fiat-pegged stablecoin called GBPT on Wednesday, which is tied to its value. The news follows Tether’s recent announcement of a Mexican peso peg crypto asset called MXNT.

Tether launched our fourth fiat peg crypto asset

• On June 22, 2022, Tether announced the launch of GBPT, a stablecoin initially issued by the Ethereum blockchain; GBPT is pegged to the value of the British pound, the oldest fiat currency in the world, first issued in 1694.
• “GBPT will be a stable digital asset pegged 1:1 to the British Pound…GBPT will be built by the trusted team of developers behind tetherand operate under USDT. Trusted development behind USDTBuilt by a team of trusted developers behind USDTand operated under tether.to.” Tether’s announcement, sent to Bitcoin.com News, provides more details.” The creation of GBPT puts British pounds on the blockchain and provides a faster, cheaper option for asset transfers.”
• USDTis the largest stablecoin by market capitalization today at $68 billion, and the project was launched just recently on the Polygon network. Over the past two months, more than $12 billionUSDThas been removed from circulation.
• USDThas commanded significant trading volume, and today, Tether’s global volume is approximately $40.9 billion over the past 24 hours, with the entire crypto ecosystem recording$76.5 billionin transactions on Wednesday.
• of the $95.6 billioncrypto economyis USDT’s

dominates with a market capitalization of 7.035% and is the third largest crypto asset market capitalization out of 13,471 crypto assets.

• Tether’s GBPT launch on Wednesday follows Circle’s recent Eurocoin (EUROC) launch; EUROC is Circle’s second fiat-pegged stablecoin, but Tether has released several different variants over the years Tether has released several different variants over the years.
• Tether has a stablecoin pegged to the Chinese renminbi called CNHT and a euro-based stablecoin called EURT. at the end of May, Tether launched a fiat-pegged token associated with the value of the Mexican peso called MXNT.

• The issuer of the stablecoin also has a token tied to the value of an ounce of fine gold called XAUT. Tether Gold or XAUT has an overall market valuation today of approximately $458,303,598.
• “We believe the UK is the next frontier for blockchain innovation and wider implementation of cryptocurrencies for financial markets.” Paolo Ardoino, CTO of Tether, said in a statement sent to Bitcoin.com News.” We want to help lead this innovation by providing cryptocurrency users around the world with access to GBP-denominated stablecoins issued by the largest stablecoin issuers.”
• “Tether is ready and willing to work with UK regulators to realize this goal and looks forward to the continued adoption of the Tether stablecoin,” Ardino added Wednesday.

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