Amid the crypto market turmoil, stablecoin issuer Tether continues to expand its market presence. The world’s largest stablecoin operator is now looking to enter the British market with a new stablecoin GBP₮, pegged to the British Sterling Pound.
This is the fifth stablecoin from Tether pegged to a fiat currency. So far, apart from the USD-pegged USDT, Tether has the Euro-pegged EUR₮, the Mexican Peso-pegged stablecoin MXN₮, and the offshore Chinese Yuan-pegged CNH₮.
Earlier this year in April, U.K. Finance Minister Rishi Sunak announced a plan to make the country a crypto hub. With the recent move, Tether believes that it will be able to better contribute to the country’s crypto goals.
The launch of GBP₮ comes at the right time as the U.K government is seeking to recognize stablecoins as a valid form of payment. Tether says that this initiative will help the U.K. become a key destination for the next wave of crypto innovation. Speaking of the development, 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.
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”.
How GBP₮ Will Help the British Crypto Market
GBP₮ will be pegged to the British Sterling Pound in 1:1. The stablecoin will function under the parent firm tether.to. With GBP₮ in place, British crypto investors get a less costly and faster option for asset transfers.
Tether said that the launch of the GBP₮ stablecoin will help them further bolster stablecoin technology to the most liquid markets around the world. “GBP₮ will reinforce the British Pound Sterling as one of the most dominant currencies across the globe and introduce an FX opportunity for USD₮ and EUR₮,” it added.
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